UK - Asset management firm Schroders has promoted Stephen Brooks to replace Jonathan Asquith as chief financial officer.

Brooks is currently head of group finance. Asquith was appointed co-vice chairman together with distribution chief Massimo Tosato as of today.

Asquith will keep his responsibilities for private equity, emerging market debt, and corporate development adding fixed income business in his new role.

Naming Asquith and Tosato as vice chairmen "reflects their seniority in the business and breadth of responsibility," a spokeswoman explained to IPE. She added that the firm was " adjusting the senior team to reflect the roles that the individuals are undertaking within the business".

At the same time Alan Brown's title was changed from chief investment officer to Group CIO.

According to Schroders this is a " more accurate reflection of his responsibilities in the company - bearing in mind that Group CIO is commonly used in our industry to reflect responsibility for though leadership, key client contacts and overall group investment policy".

Meanwhile, Brown and Innovest CEO Matthew Kiernan were successful in carrying a motion about climate change at the European Pensions and Savings Summit.

They won the motion "This house believes that institutional investors should make climate change a fundamental part of their investment decision-making process" by 52% for versus 34% against.

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