Schroders, the London-listed asset manager, has announced a significant restructuring of its wealth management leadership team, effective immediately. The changes aim to streamline operations and bolster its private assets offering, according to a company statement.
New Global Head Appointed
Alex Tedder has been appointed global head of wealth management, succeeding Richard Keers, who is leaving the firm after 20 years. Tedder, previously Schroders' global head of equities, will oversee the wealth division's strategy and growth. He will report to group chief executive Peter Harrison.
“Alex’s deep understanding of our investment capabilities and client needs makes him the ideal leader to drive the next phase of our wealth management business,” Harrison said in a statement.
Regional Leadership Changes
Alongside Tedder’s appointment, Schroders has named new regional heads. In the UK, James Rainbow will become head of UK wealth, while Lieven Debruyne will lead wealth management in continental Europe. Both will report to Tedder.
The restructuring also sees the creation of a new role: head of private assets for wealth, filled by Georgina Brittain. She will be responsible for integrating private market investments into the wealth management offering, a key growth area for the firm.
“Private assets are increasingly important for our clients, and this dedicated role will ensure we deliver best-in-class solutions,” Tedder said.
Impact on Business Strategy
The revamp comes as Schroders seeks to expand its wealth management arm, which had £59.1 billion in assets under management as of June 30. The firm aims to increase its share of the high-net-worth market by offering more alternative investments, such as private equity and infrastructure.
Schroders has been investing heavily in private assets, acquiring a majority stake in infrastructure investment manager Greencoat Capital in 2021 and buying a 75% stake in private equity firm Pamplona Capital Management in 2022. The wealth management restructuring is seen as a move to better align these capabilities with client demand.
“We are seeing strong demand from wealth clients for private assets, and this new structure will help us meet that need more effectively,” Harrison added.
The changes are effective immediately, with Tedder and the new regional heads starting their roles today. Schroders did not disclose any financial details related to the restructuring.
