Tom Darnowski has been appointed CEO of Schroders-Americas, effective Jan. 1.
Darnowski succeeds Phil Middleton, who will return to Britain and become Schroders’ head of U.K., also effective Jan. 1, said two news releases Nov. 7.
Darnowski, who has been with Schroders since 2013, most recently served as the firm’s global head of product strategy.
“The product team is an integral part of our client engagement model as we continue to adapt our business to answer our client needs in a simplified manner,” a spokesperson said. The spokesperson added that there will be a transition period until Darnowski and Middleton assume their new roles, ”therefore we are not naming a new head of global head of product strategy at this time.”
Middleton first joined Schroders in 1992 and was eventually appointed CEO-Americas in June 2023.
James Rainbow, the current head of U.K., will be leaving Schroders to “pursue opportunities outside of the business,” one news release said.
Darnowski and Middleton will each continue to report to Karine Szenberg, global head of client group.
Schroders had about £777.4 billion ($1.04 trillion) in assets under management as of Sept. 30.
However, on Nov. 4, Schroders reported that it had suffered £2.3 billion in net outflows in the third quarter, entirely due to losses at joint ventures and associates arising from “continued market volatility in China.”
