Schroders PLC (LSE:SDR) chief executive Peter Harrison will step down in November after eight years in the role with finance chief Richard Oldfield (pictured) picked to replace him.
Oldfield was appointed chief financial officer only last October, following a 30-year career at PwC, including five years on the UK executive board.
He has "proven himself to be a natural leader of client-focused, people-centric businesses" and has "a global perspective, a strategic growth mindset and a proven record of leadership", said chair Elizabeth Corley.
Corley said the board was unanimous that he was "the stand-out candidate" and that he has "strong business acumen [to] drive purposeful transformation at pace".
Harrison will step down from a company he joined as a graduate, returning to Schroders in 2013 and ascending to the CEO role in 2016, since when he oversaw assets under management more than doubling to £773.7 billion.
Oldfield said Schroders is "known for our long-term focus, meeting the needs of our clients, and for delivering excellent investment performance.
"I know that despite industry challenges, we have the capabilities and people to seize the right opportunities to grow our business and be a leading creator of wealth, globally."
The company said it will make a further announcement on the appointment of a new CFO in due course.
Shares in the company rose 0.5% on the news.
Analyst Rae Maile at Panmure Liberum said: "This is a good choice, we believe, and we expect a rather more humble assessment of Schroders’ positioning than has become prevalent over the last few years.
"Costs will be a major area to be addressed, a job well suited to a former CFO as CEO. Schroders has all the potential to be a more successful company than it is, hopefully the new CEO can start to see some of that realised."
** Update: adds price and broker comment **