Schroders advice venture appoints CEO to replace Rainbow

Schroders advice venture appoints CEO to replace Rainbow
 Peter Hetherington, incoming chief executive of Schroders Personal Wealth

Schroders Personal Wealth has appointed a new chief executive as James Rainbow returns to Schroders after two years at the joint venture's helm. 

Peter Hetherington will take up the top role at the advice business, which is owned 50.1 per cent by Lloyds and 49.9 per cent by Schroders. 

Mr Hetherington was previously chief executive of FTSE 250 company IG Group and will replace Mr Rainbow, who has returned to Schroders to take up the role of head of UK distribution and Latin America. 

In an announcement today (October 7) Schroders Personal Wealth confirmed Schroders has completed its investment in the joint venture, which is due to fully launch to market in the final quarter of this year.

The advice firm also confirmed its full board of directors today, which comprises of senior leaders from both companies including Peter Harrison, group chief executive at Schroders, and Donald MacKechnie, insurance and wealth chief operating officer at Lloyds Banking Group, as non-executive directors. 

Mr 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.

"The completion of our investment in Schroders Personal Wealth is another step forward in providing a new offering for the evolving needs of UK investors and savers. We will achieve this by combining the strengths of both shareholders alongside market-leading technology."

The joint venture has previously said it will target investors with a minimum of £100,000 in investable assets with an eye to becoming a "top three" financial planning business within five years. 

The service launched to existing customers in June when 500 employees transferred in to the business. 

Antonio Lorenzo, chairman of Schroders Personal Wealth, said: "The partnership to build a new business is about bringing together the strengths and experience of the shareholders to create a market-leading proposition to benefit clients.

"I would like to thank James for the great work he has done over the past two years, both in bringing about this partnership and setting up the business. I wish him all the best in his new role at Schroders. 

"Peter Hetherington has an excellent track record and I have no doubt, that alongside the leadership team we have put in place, he will drive the further success and growth of the business."

In August Schroders Personal Wealth hired Jessica Miller, former lead investment proposition manager at Hargreaves Lansdown, and Claire Walsh, joining from her role as personal finance director at Schroders, as the business prepared for its launch to the wider UK advice market later this year. 

Mr Hetherington said: "I am delighted to take on the role of CEO at this exciting new company.

"There is a large and growing need for quality planning solutions, this means there is a huge number of people who could benefit from our help. Alongside a powerful brand, we can help make financial planning more accessible and provide great outcomes for our clients.