U.K. headquartered investment manager Schroders has undergone a leadership shuffle, making changes in both London and the U.S.
On January 1 Tom Darnowski is set to be promoted to CEO Americas, having most recently held the role of the firm’s global head of product strategy.
He takes the position from Phil Middleton, who is set to move to London to become head of the U.K. for the firm.
Darnowski has held multiple roles during his near 12-year tenure at Schroders, all spanning North America, having joined from Hartford, the insurance company. In a comment, he said he looked forward to taking on the role and was “excited for the opportunity to shape future growth .. during a time of evolution across the industry and firm.”
Middleton himself took on the role of CEO North America in January 2022, later expanding his existing responsibilities to include Latin America as the firm sought to expand to meet client needs, leading to the new title.
Schroders is a FTSE100 company with £777.4 bn ($1.1 tn) assets under management, with around 44 percent of the company’s share capital held by the Schroder family itself.
On Tuesday the firm reported worse-than-expected third quarter outflow results and confirmed the loss of some large clients including Lloyds’, sending its share price tumbling by as much as 14 percent in the day’s early trading. The firm later confirmed it is looking at a difficult fourth quarter as its poor outlook continues to worsen.
