Schroders has appointed Phil Middleton as head of UK business.
Middleton, who is currently the firm’s CEO, Americas, will take on the role from 1 January 2025.
He replaces James Rainbow, who will be leaving Schroders to pursue opportunities outside of the business. Rainbow has been with the wealth manager for 17 years.
Middleton, who joined Schroders in 1992, has a track record of working in the UK market.
He said: “It’s fantastic to be returning to the UK market, where I have spent so much of my career.
“Schroders has an award-winning UK business, with a compelling investment proposition, dedicated to solving the complex investment needs of our clients.
“I look forward to leading our UK business to drive further success and growth.”
During his 32-year tenure at Schroder, Middleton has held senior roles across the business in distribution and marketing.
In 2020, he moved to New York after he was appointed head of institutional distribution, North America, overseeing direct sales, relationship management and consultant relations.
He became CEO of North America in January 2022 and was subsequently appointed in June 2023 as CEO Americas.
Meanwhile, Tom Darnowski has been promoted to CEO Americas.
Darnowski has been with Schroders since 2013, leading product development across the Americas, and most recently held the role of global head of product strategy, where he oversaw Schroders’ global product range.
Both roles will continue to report to Karine Szenberg, global head of client group at Schroders.
Szenberg said: “We are excited to welcome Phil back to the UK, a market that he knows extensively and where he already has a well-established track record.
“The UK is an important and valued market for Schroders and we believe now is the right time for Phil to return to lead this part of our business.”
Schroders provides active asset management, wealth management and investment solutions, with £773.7bn of assets under management at 30 June 2024.