Schroders has appointed former Tilney chief executive Peter Hall as global head of wealth management, Wealth Manager can reveal.
Hall (pictured) will replace Andrew Ross early next year, subject to regulatory approval.
Ross took up the role in May 2016, having joined the business via Schroders' acquisition of Cazenove Capital in 2013. He will remain with Schroders as vice chair of its wealth management business.
In his new capacity, Ross will advise Schroders on the sector, provide continuity and focus and raising awareness of the services to families at the top end of its client base.
Ross, who was chief executive of Cazenove before its merger with Schroders having led the business since 2001, told our sister title Wealth Manager the decision to step back from the day-to-day running of the business was motivated by a desire to change the 'rhythm of his life'.
'It has been a real privilege to serve as chief executive at Cazenove Capital and then as global head of wealth management at Schroders,' said Ross (pictured below).
'Peter joins a formidable team and together they will continue to provide excellence to our clients. I look forward to working with him and the team in my new role.'
Hall, a former Wealth Manager cover star, stepped down from Tilney last October after seven years at the helm.
He went on to take a post with Tilney's parent Permira, where he helped the private equity firm pursue wealth investment opportunities. His 20 years of experience includes earlier management roles at UBS and Barclays.
'I am delighted to be joining an exceptional wealth management business with a great brand, a quality team and a client-centric culture in which I strongly believe,' Hall said.
'I am excited about working together to enhance the service we offer clients and to capture future growth opportunities both in the UK and internationally.'
Hall oversaw an aggressive period of expansion at Tilney, during which it made a number of acquisitions. Ross said his appointment would not result in a huge cultural shift at Schroders, however.
He said the business would continue to focus on organic growth and would only take advantage of acquisition opportunities if there was a cultural fit.
'Peter knows he is coming to a business with a clear strategy,' Ross said. He is well-suited to run a business and make sure the clients are well looked after, and he also has experience in M&A'.
Ross indicated Schroders was looking to grow its European and Asian business, which could include similar Cazenove-like acquisitions in the regions.
Schroders chief executive Peter 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.'