Schroder & Co Bank, the Switzerland based part of UK-listed wealth management firm Schroders, yesterday said Luc Denis will retire from the post of chief executive at the end of June, and be replaced by Adrian Nösberger on 1 July.

Nösberger has previously held senior private banking management roles, including member of the executive board and head of private banking for Switzerland at Clariden Leu (formerly Bank Leu) from 2003 to 2011, Schroders said in a statement.

Denis, who joined Schroders in 1984, has been CEO in the Swiss role since 2003 and will continue as a senior advisor.

“I would like to thank Luc Denis for his significant contribution to Schroders over the last three decades. I am convinced that with his significant management skills and experience Adrian will provide strong leadership in growing our private banking business in Switzerland," said Philip Mallinckrodt, chairman of the board of directors and group head of Schroders private banking.