The long-serving chief financial officer, who last year took home Pounds 1.4m in salary and bonuses, will be replaced by Jonathan Asquith, who used to work with Dobson at Deutsche Bank.
MacAndrew had been with Schroders for 30 years, and was its chief financial officer for the past ten.
He is due to step down at the company’s AGM next spring.
Asquith joins from Barclays where he was head of the bank’s UK private banking business.
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