Bruno Schroder died after a short illness, Schroders said in a statement.
Mr. Schroder, great-great-grandson of John Henry Schroder, co-founder of the money management firm, served as a director since 1963. He died Wednesday at age 86, the company said.
"(Mr. Schroder) was passionate about Schroders and unwavering in his support for the company. His long experience, good judgment and sense of humor will be sorely missed. On behalf of everyone at Schroders, I send our heartfelt condolences to Bruno's wife and family," Michael Dobson, chairman of Schroders said in the statement.
Prior to joining the firm, then J. Henry Schroder & Co. Ltd., in 1960, Mr. Schroder worked in internal audit, commercial banking and corporate finance. He attended Oxford University and Harvard Business School.
Schroders had £449.4 billion ($578 billion) in assets under management as of June 30.