Marc Brookman was appointed CEO of North America at Schroders.
Mr. Brookman, currently deputy CEO for the region, will replace Karl Dasher at the end of the year.
Mr. Dasher, who is also co-head of fixed income, is leaving the firm to "pursue a broad range of interests," a spokesman said.
"The departure is amicable and from a basis of mutual appreciation," Mr. Dasher said in an email. After enabling a smooth transition, he intends to focus on entrepreneurship, he said.
Philippe Lespinard, who has worked alongside Mr. Dasher for the past 10 years on Schroders' fixed-income strategies, will continue as sole head of fixed income, reporting to Charles Prideaux, global head of investment.
Schroders had £444.4 billion ($546 billion) in assets under management as of June 30.