(Bloomberg) -- Schroders Plc Chief Executive Officer Peter Harrison is planning to step down in 2025 and the money manager is soon set to kick off a search for his successor.

The board of the London-based firm expects an orderly transition next year and Harrison will remain as a director of the company throughout this period, according to a filing on Wednesday. The firm has hired Russell Reynolds to look for a new CEO.

“When I started this job I always thought I was going to stay for seven years and that it should be reviewed at five, but if I stayed 10 years it would be too long,” 57-year-old Harrison told Bloomberg News in a phone interview.

Schroders, the largest standalone asset manager in the UK, is one among only a handful of industry majors to have recorded consistent client inflows over the past several years, while many peers have struggled to contain redemptions. The Schroder family is the company’s largest shareholder.

Harrison told Bloomberg News that one of the reasons for the better performance is because Schroders has been diversifying beyond its mutual funds business into areas such as private markets and wealth.

Assets under management rose to about £751 billion ($934 billion) at the end of last year, from about £300 billion when Harrison took over in 2016. 

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