Schroders, one of the UK’s largest asset managers, has promoted one of its equities desk chiefs to fill the shoes of longtime equities chief Nicky Richards, who is stepping back to become a senior adviser to the company.

Rory Bateman, who has been head of the UK and European equities team for five years, will take over Richards’ role from March next year, Schroders said on December 11. He assumes ultimate responsibility for around 260 staff, managing £173.1bn in stocks.