Fund manager Schroders chief executive Mr David Salisbury has resigned as the group blames tumbling stock markets for a massive slump in profits.
Tough trading conditions saw pre-tax profits plunge to £41.5 million in the six months to June 30th, from £129.5 million in the same period last year.
Schroders, one of the largest fund managers in Europe, was also hit as British firms decided to place their pension funds elsewhere.
Chairman Mr Peter Sedgwick is taking over the chief executive's duties until a replacement for Mr Salisbury can be found.
Mr Sedgwick said: "Falling profits in many industries around the world are depressing share prices and consequently returns from equity investment".
But he said steps taken by companies on both sides of the Atlantic to boost their profitability, as well as lower interest rates, should improve the situation.
PA
