Brown resurfaces at Schroders
Alan Brown, who resigned in March as chief investment officer at State Street Global Advisors, is to replace Richard Horlick as head of investment at Schroders in the UK.
Horlick, who earned £3.65m (e5.3m) in 2004, stepped down from the board last month and will leave the firm later this year to pursue “other opportunities”.
The news came as Schroders reported a rise in asset management revenues in the first quarter to £146.3m – from £116.0m a year ago. Profits at the arm rose to £41.4m from £25.8m. Assets under management increased 3.1% to £108.9bn.
Brown will be a member of Schroders’ group management committee, reporting to chief executive Michael Dobson. “We are delighted that Alan Brown is joining Schroders,” Dobson said. “He comes to us with a depth of experience in equities and fixed income and in the institutional marketplace in the UK and internationally.”
Horlick says: “Now is the time to step down and I am delighted to be handing over to Alan Brown for whom I have a great deal of respect.”