Lloyd, who also managed the Schroder income maximiser and UK income defensive funds, has been placed on three months gardening leave.
Fellow co-head of structured investments Thomas See will take on the full role of head of the open-ended structured products business following Lloyds departure, while structured investments manager John Teahan will take over on both maximiser offerings and will report to See.
Lloyds role as head of structured solutions will be passed to Luke Browne, with both himself and See reporting to head of multi-asset and structured solutions John McLaughlin.
Schroders head of UK retail Robin Stoakley says: “We’re obviously very sorry to see Richard go and wish him the very best. However, we’ve got a very strong structured investments Team and I’m delighted that we have professionals of the calibre of John Teahan and Thomas See taking over responsibility for the income maximiser and UK income defensive funds.”