Change to Schroders board

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Schroders yesterday promoted a senior investment manager to its board and announced two senior appointments in its investment business.

The changes came hard on the heels of problems at Fleming and Morgan Grenfell that have forced the two rival merchant banks to overhaul their fund management operations.

But Schroders said that its own moves were long planned and were not a response to any difficulties. They were also internal promotions.

John Govett, chairman of Schroder Investment Management, is joining the group board while David Salisbury and Hugh Bolland, the joint chief executives of the asset management business, both take a step upwards. Mr Salisbury is to be chairman and Mr Bolland chief executive of Schroder Investment Management from 1 January.

Jean Solandt is retiring as chairman of the London banking subsidiary and group managing director of financial markets, after reaching 60. He will be replaced as banking chairman by David Challen. Andrew Sykes and Mark Hopkinson are to be joint group managing directors for financial markets.