Mr Hall is replacing Andrew Ross who has decided to step back from a full-time executive role and will move to a new role within Schroders as vice chairman of wealth management.
In this capacity, Mr Ross will advise Schroders on the sector, provide continuity and focus on the services offered to families at the top end of the investment house's client base.
Schroders stated this is a segment of the market it wishes to grow in the coming years.
Mr Hall had previously worked at Barclays and UBS prior to joining Tilney in 2010, and was chief executive until 2017.
According to his social media profile, Mr Hall will take up the new role in January 2019.
He will be based in London and report directly to Schroders chief executive Peter Harrison.
Mr Harrison said: "Andrew has built a strong team combining the best of Cazenove Capital and Schroders Wealth Management giving us a platform for growth in the future.
"Continuing to grow our wealth management business is a strategic priority. Peter Hall's industry experience, proven management track record and leadership skills mean he is the right person for this job. He understands and believes in the service, philosophy and culture that is so important to us and our clients."
Darius McDermott, managing director of Chelsea Financial Services, said: "Peter certainly made an impact as part of the private equity owners of what was Bestinvest (before it became part of the much larger Tilney group) but that was mostly M&A.
"It will be interesting to see what he does in his new role."
Mr Hall's appointment comes after Schroders lost the right to manage the £1bn Omnis UK Equity fund, with the mandate now to be managed by Franklin Templeton.
The loss of the Omnis mandate came just two months after Schroders lost the mandate to manage the £303m Schroders UK Growth trust to Baillie Gifford.
The Omnis UK Equity fund is available exclusively to advisers that are part of the Openwork Group.