Dobson has held the position since 2001, while Harrison joined Schroders in 2013 as head of equities, becoming a board member and head of investment in 2014.
Dobson will take up a new position of non-executive chairman on the same date, replacing chairman for the last four years Andrew Beeson, who is retiring.
Another director, executive vice chairman and global head of distribution Massimo Tosato, will retire as a director and leave the firm on 31 December. He joined Schroders in Milan in 1995, relocating to London in 1999 before being appointed to the board in 2001.
Ashley Almanza meanwhile, who joined the board in 2011 as a non-executive director and is currently chairman of the audit and risk committee, will leave the board at the AGM on 28 April due to his commitments as chief executive of G4S. Rhian Davies will replace him as the audit and risk chair.
Schroders said its “board is mindful of the UK Corporate Governance Code’s provisions and believes these appointments are in the best interests of the company and its shareholders.” It also said major shareholders were consulted on the changes.
Senior independent director Lord Howard said: “We are delighted that Peter Harrison will succeed Michael as chief executive. Peter has great experience of the investment industry and a deep knowledge of the firm, its culture and values. Michael Dobson is the outstanding candidate for the Chairman role and the board’s unanimous choice. Michael has been an exceptional leader of the business for over 14 years. During that time, profits have reached a record level in excess of £600 million, assets under management have tripled and significant value has been created for shareholders,” he added.
The announcement on the board changes coincides with Schroders reporting its full year numbers. Profit before tax and exceptional items was up 8% to £609.7m, earnings per share were up 12% to 171.1p and assets under management climbed to £313.5bn from £300bn at the same point last year.
