The JV, formed by the UK investment firm and large listed banking group, was formed in late 2018. The CEO is leaving after only eight months in the job.

Peter Hetherington, the chief executive of Schroders Personal Wealth, the joint venture founded in late 2018, is stepping down, the firm announced yesterday. He was appointed to the role in October 2019, having come from spread-betting and trading platform business IG Group.

Hetherington has decided to leave to “pursue other prospective opportunities and will leave the business following a period of garden leave”, it said in a statement. 

SPW is a joint venture between UK-listed Schroders and Lloyds Banking Group. It recently announced it had opened 11 regional offices across the UK. 

“We have identified Peter’s successor and will announce this at the first available opportunity, subject to regulatory approval. James Rainbow, previously CEO of SPW, will return as acting CEO until Peter’s successor is appointed,” SPW said.

“I am grateful for Peter’s leadership over the last eight months and am sorry he is leaving. He has overseen an important phase in the growth of SPW and the development of our customer centric culture.

He leaves us in a strong position and on track to become a top-three financial planning business in the UK. Both shareholders remain absolutely committed to the joint venture and to providing excellent service to clients,” Antonio Lorenzo, chairman, Schroders Personal Wealth, said.

In August 2019 the JV pushed back against media reports of technical problems at the organisation. 

The launch of the JV was seen at the time as a way for Lloyds Banking Group, which sold its international private bank to Geneva-based Union Bancaire Privee a few years ago, could step up its wealth management business in the UK. To some extent its business model is a push for the mass-affluent and HNW market.