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Schroders chair and CIO to leave

Schroders chairman Michael Miles and chief investment officer Alan Brown are to step down as Schroders reports falls in inflows in 2011, particularly in the intermediary channel.

Last week, Schroders reported profits were slightly up last year to £407.3m compared with £406.9m in 2010.

There were net outflows of £3.8bn in the intermediary channel compared with inflows of £7.9bn in 2010.

The firm reported that net inflows were “much reduced”, down by 88 per cent from £27.1bn to £3.2bn. It says retail investors were affected by “growing concerns over the macroeconomic environment and equity market volatility”.

Schroders announced last week that Miles and Brown will step down at the firm’s annual general meeting in May.

Miles, who was appointed chairman in 2003, will be replaced by senior independent director Andrew Beeson, who will step down from his role as senior independent director and chair of the remuneration committee and as a member of the audit and risk committee.

Independent non-executive director Luc Bertrand will become senior independent director and independent non-executive director Philip Howard will become chair of the remuneration committee.

Brown, who joined Schroders in 2005, will continue to work at the company as a senior adviser. A replacement has not yet been announced.

Chelsea Financial Services managing director Darius Mc-Dermott says: “I do not think Brown’s departure will have an impact on the running of the funds. We care more about the fund managers and how they run their money.”

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