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Schroders chair and investment chief step down

Schroders chairman Michael Miles and chief investment officer Alan Brown are to step down at the firm’s annual general meeting in May.

Miles, who joined the board and was appointed chairman in 2003, will be replaced by senior independent director Andrew Beeson.

Brown will continue to work at the company as a senior adviser. No replacement was announced.

Beeson will step down from his role as senior independent director and chair if the remuneration committee and as a member of the audit & risk committee.

Luc Bertrand will become senior independent director with Philip Howard becoming chair of the remuneration committee.

The changes were announced as Schroders reported a small rise in pre-tax profits for 2011, despite net outflows in its intermediary business.

Pre-tax profit increased to £407.3m from £406.9m reported in 2010, while assets under management dropped from £196.7 billion to £187.3 billion over the same period.

The asset manager reported that net inflows were “much reduced”, dropping from £27.1 billion in 2010 to £3.2 billion. Net outflows of £3.8 billion were reported in the intermediary channel, compared with inflows of £7.9 billion in 2010.

Profits were helped by a small rise in its asset management business where profit increased to £389.4m from £381m. However, the firm reported a big jump in profit from its private banking arm, more than doubling from £10.1m to £23.8m.

The firm reported that retail investor demand had been affected by “growing concerns over the macro-economic environment and equity market volatilty”.

The FTSE 100-listed asset manager reported management fees of more than £1.2 billion and performance fees of £37.8m


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