Schroders has recruited Andrew Shiels, who most recently worked as a risk consultant for Lloyds, as chief risk officer for the private banking and wealth management team on a consultancy basis, according to individuals familiar with the organisation.

Shiels has been tasked with developing the risk management framework within the division, which was recently expanded as a result of the acquisition of Cazenove Capital. His responsibility extends to operations in London, the Channel Islands, Zurich and Singapore.