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The boss of Schroders is retiring in 2025 after more than eight years in the job.

The investment group, which has more than £750billion in funds under management, is now seeking a replacement for Peter Harrison, one of the FTSE 100’s longest-serving chief executives.

Harrison will remain to help allow an ‘orderly transition’ to his successor.

He said: ‘It has been an immense privilege to be chief executive. I care about the firm and our people deeply.’

The 220-year-old firm has hired headhunters to help find its new bosses.

Harrison began as a graduate at Schroders in 1988, and left to work at JP Morgan, Deutsche Asset Management, and investment boutique RWC Partners.

He rejoined Schroders in 2013 and became group chief executive in 2016.