Schroders CIO Brown to step down as inflows tumble

Alan Brown, the chief investment officer at Schroders, is to step down from the board and from his role as CIO at the next AGM.

The group said in its annual results: "Alan will step down from the Board and from his executive responsibilities as Chief Investment Officer." Brown (pictured) joined the board in July 2005. He will remain with the company as a senior adviser working with the groups clients. In a further overhaul of the board, the group said Michael Miles will step down as chairman and retire from the board. Andrew Beeson, currently the senior independent director, will succeed him. Elsewhere, the group saw net new business plunge by £24bn from £27.1bn to £3.2bn, although profits rose to a new hig...