Schroders CIO Brown to step down as inflows tumble
Alan Brown, the chief investment officer at Schroders, is to step down from the board and from his role as CIO at the next AGM.
The group said in its annual results: “Alan will step down from the Board and from his executive responsibilities as Chief Investment Officer.”
Brown (pictured) joined the board in July 2005. He will remain with the company as a senior adviser working with the groups clients.
In a further overhaul of the board, the group said Michael Miles will step down as chairman and retire from the board. Andrew Beeson, currently the senior independent director, will succeed him.
Elsewhere, the group saw net new business drop by £24bn from £27.1bn to £3.2bn, although profits rose to a new high.
Reporting its full year results, Schroders said it had seen record profits from asset management of £389.4m, up from £381m in 2010.
This was off the back of net revenue which increased to £1.04bn, up from £996m, despite a 50% drop in performance fees to £36.6m.
Overall the group reported profit before tax of £407.3m, virtually unmoved from its record 2010 figure of £406.9m.
However AUM dropped almost £10bn to £187.3bn.
This article was first published on Investment Week