Schroders' US chief to quit

THE HEAD of Schroders' US unit, Steve Kotler, will quit on 30 June, amid internal wrangling about the future of Britain's largest remaining independent investment and money management firm.

Mr Kotler's resignation, announced to US employees yesterday, comes two weeks after the surprise departure of the group's New York-based global head of corporate finance, Richard Broadbent.

The 185-year-old group, which is about 50 per cent owned by the founding Schroder family, faces increased competition from US investment banks and recently lost two highly rated analyst teams to rivals. A spokeswoman for the firm in New York declined to comment, and Mr Kotler was not immediately available.