The £325 billion UK fund manager Schroders has done away with the position of head of trading, reverting instead to heads of individual asset classes following a restructure by new CEO Peter Harrison.

The fund manager's New York-based head of trading, Rob McGrath - who oversaw more than 40 traders across equities, fixed income and foreign exchange - left his role in May, a spokeswoman confirmed. Also departing Schroders as a result of the changes is Nick Robinson, head of fixed income trading in London.