Nick MacAndrew will stand down as chief financial officer at Schroders plc and be replaced by Jonathan Asquith, currently head of UK private banking at Barclays plc.

MacAndrew will leave Schroders with effect from the 2002 annual general meeting. He will be the second board director to leave Schroders since the investment management firm demerged from its investment banking arm less than two years ago. David Salisbury was forced out in August after shareholders concluded that the pace of change was too slow, being replaced by Michael Dobson, the former head of Deutsche Asset Management, in October.