UK-listed Schroders has promoted Rory Bateman, currently head of European equities, to head of UK and European equities.

In creating the new role, Schroders will also combine its value investing activities in the UK and Europe into one value team. Kevin Murphy, Nicholas Kirrage, Andrew Lyddon, Ian Kelly and Jamie Lowry will all report to Bateman.

Bateman’s fund management responsibilities remain unchanged, the firm said in a statement.

“The combination of our value investors in the UK and Europe into a single team will leverage better our research and skills in an area where we already have a strong presence,” said Peter Harrison, global head of equities at Schroders.

In other recent developments, at the start of the month Schroders said that its private banking net revenue dropped to £26.5 million (around $17.5 million) in the first three months of 2013, down from £27.1 million a year ago, while its pre-tax profit was £4.9 million, down from £6.4 million a year before.