Schroders and Lloyds JV appoints IG Group boss as CEO
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The wealth management joint venture between Schroders and Lloyds Banking Group has appointed former IG Group boss Peter Hetherington as its new chief executive.
Hethrington worked at IG for 25 years after joining the firm as a graduate trainee and spent 13 years as its chief operating officer and executive director before taking the top job.
Read more: Schroders and Lloyds Banking Group launch financial planning service
He will replace James Rainbow as chief executive, who has been appointed as head of UK distribution and Latin America at Schroders.
Schroders group chief executive Peter Harrison said: “Peter Hetherington’s extensive leadership experience, having spent 16 years at executive level and three years leading a technology-orientated FTSE 250 company will be pivotal in delivering a leading financial planning business”.
Schroders also announced that it has completed its 49.9 per cent stake in the joint venture, with the remaining 50.1 per cent owned by Lloyds Banking Group.
The firms announced Schroders Wealth Management at the beginning of the year and it was launched for Lloyds and Bank of Scotland private banking customers in June.
Read more: Peter Hetherington appointed chief executive of online trading firm IG Group
Scottish Widows chief executive Antonio Lorenzo has been appointed chair and Joel Ripley, formerly a finance director at Lloyds, is Schroders Personal Wealth’s new chief financial officer.
Main image credit: Schroders