A FORMER AUDITOR of Schroders is to become the fund management group's chief financial officer, replacing Kevin Parry who joined Shroders in 2003 as a non-executive director.
PwC partner Richard Keers is leaving to join Schroders in May next year, when it will have been 26 months since he worked as the company's auditor. ICAEW rules require a two-year cooling-off period before auditors can move to client companies.
Keers was PwC's global relationship partner for Schroders from 2006 to 2010, having joined PwC in 1988 and worked on the audits of Legal & General and Jardine Lloyd Thompson as a partner in its financial services practice.
"His previous experience positions him well for his new role as CFO," said Michael Dobson, chief executive of Schroders.
His appointment coincides with PwC's long-standing grip as auditor of the FTSE 100 company coming under threat. Schroders, which has used PwC as its auditor for more than 50 years, put the contract out to tender in September.
Parry, a former KPMG divisional managing partner who was made CFO of Schroders in January 2009, does not have a new position immediately lined up.
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