Peter Hetherington, the former Chief Executive Officer (CEO) of IG Group, has taken on the new position as the CEO of Schroders Personal Wealth, the joint venture in wealth between Lloyds and Schroders, Finance Magnates has learned.
Hetherington is taking the reins of the Schroders Personal Wealth joint venture as it prepares for its November launch when it will have £13 billion of assets under management and 30,000 clients.
The move was made public via Hetherington’s LinkedIn account, which shows that he started the leading position this month. His new role comes just more than one year after he stepped down from the top position at IG Group in September of last year.
By becoming the CEO, he has replaced James Rainbow, who was acting as the CEO of the company during its launch phase. Now, he has returned to Schroders as head of UK distribution and Latin America.
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According to a report by the Financial Times, the CEO of Schroders, Peter Harrison, said that Hetherington had developed IG from an old-fashioned paper-based business to a technology-focused platform during his tenure with the company.
“Peter is high energy and is used to running big, complicated businesses,” the news outlet reported Harrison as saying.
Peter Hetherington’s career
When Hetherington left IG Group, he ended his 24-year-long tenure with the firm, having originally joined back in 1994 as a Graduate Trainee, his LinkedIn states. During his career with the firm, he worked his way up the ranks until he was appointed as CEO in October 2015.
According to the statement released at the time, in the three years that Hetherington was the CEO, IG’s profit before tax and earnings per share increased by more than 65 percent.