Schroders Personal Wealth has announced that chief executive Peter Hetherington is exiting the business after less than a year.
The business said a successor had been identified and would be announced at the “first available opportunity”. James Rainbow, who Hetherington (pictured) replaced as chief executive in October last year, will return as interim CEO in the meantime.
Hetherington will “pursue other prospective opportunities”, a press release said. He will exit the business after a period of gardening leave.
Schroders Personal Wealth chairman Antonio Lorenzo said: “I am grateful for Peter’s leadership over the last eight months and am sorry he is leaving. He has overseen an important phase in the growth of SPW and the development of our customer centric culture.
“He leaves us in a strong position and on track to become a top three financial planning business in the UK. Both shareholders remain absolutely committed to the joint venture and to providing excellent service to clients.”
Before Schroders Personal Wealth, Hetherington was chief executive of IG Group.
Rainbow had been chief executive of the new financial planning business for four months before he was replaced by Hetherington. Rainbow then became distribution head for the UK and Latin America.
