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Schroders names CEO of wealth JV, North American heads

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Schroders names CEO of wealth JV, North American heads

Schroders PLC appointed Peter Hetherington as CEO of Schroders Personal Wealth, the joint venture between the British asset manager and Lloyds Banking Group PLC.

The appointment is subject to regulatory approvals, according to the Oct. 7 statement.

Hetherington, who was previously CEO of IG Group Holdings PLC, will replace James Rainbow, who is becoming Schroders' head of U.K. distribution and Latin America.

Schroders has a 49.9% stake in Schroders Personal Wealth, with Lloyds Banking Group holding the remaining 50.1% stake.

Additionally, Schroders said its CEO of North America and co-head of fixed income, Karl Dasher, is quitting at the end of 2019 and deputy CEO of North America Marc Brookman will take over his role. Brookman will report to Lieven Debruyne, the asset manager's global head of distribution.

Meanwhile, Philippe Lespinard will become the sole head of fixed income and report to Charles Prideaux, Schroders' global head of investment.

To ensure a smooth transition, Dasher will work with Brookman and Lespinard until he leaves, after which he will become an adviser for the company from January 2020.