Schroders, the London-listed investment firm which this week reported that profits at its private banking arm slid by almost half in 2009, has announced a series of changes to its board and board committees.

Sir Peter Job, currently the senior independent director and chairman of the remuneration committee, is to retire from the board at the conclusion of the firm’s annual general meeting on 6 May.

Andrew Beeson, who is currently chairman of the audit committee and a member of the remuneration committee, will succeed Sir Peter in both the roles he is relinquishing.

Succeeding Mr Beeson in both his former positions will be Merlyn Lowther, currently a member of the audit committee.

In other changes, Luc Bertrand will step down from the audit committee and join the remuneration committee.

Additionally, Robin Buchanan, formerly president of London Business School and the senior partner of Bain & Company, the UK consulting firm, joins the board as a non-executive director with immediate effect. He will join the audit committee following the AGM, and will also be a member of the nominations committee, the firm said.

In its full-year results Schroders reported a £20.1 million (around $30.3 million) profit from its private banking arm for last year, falling from £39.7 million in 2008, hit by provision for doubtful debt.

Pre-tax profit for the entire firm, which covers sectors such as asset management, rose to £137.5 million from £123.1 million.

Private banking net revenue fell to £97.7 million from £111.3 million in 2008, reflecting reduced fees and commissions, and lower interest income in the low interest rate environment. Core operating expenses fell.

After a £6.3 million doubtful debt provision, profit before tax fell to £20.1 million (2008: £38.2 million).

Net new business in 2009 amounted to £500 million, up from £400 million in 2008, while funds under management ended the year at £12.6 billion, up from £11.7 billion in the previous year.