Michael Dobson, the new chief executive of Schroders, has appointed a former colleague from Deutsche Bank to replace the fund management group's long-serving finance director.
Nick MacAndrew, who has been at Schroders for practically all his working life to date and has been finance director for 10 years, will leave next year. He will be replaced by Jonathan Asquith, currently head of UK private banking at Barclays.
Mr Asquith's stint at Barclays was brief he arrived in July this year after he left Deutsche Bank, where he worked with Mr Dobson. Mr MacAndrew, 54, was liked in the City and yesterday Schroders' shares dipped 7p to 824p.
But analysts are keen to see evidence that Mr Dobson, who joined the investment house last month, will make sweeping changes to the business.
David Salisbury, the former chief executive, was forced out in August after shareholders concluded that the pace of change was too slow.
Schroders said it was still negotiating with Mr MacAndrew over his severance pay. Last year he earned £900,000 and received a total package worth £1.4m following the sale of Schroders' investment banking arm.