Alan Brown, former global CIO at State Street Global Advisors, was named head of investment at Schroders PLC, effective July 5. He replaces Richard Horlick, who is leaving the company later this year to pursue other opportunities, said Richard King, Schroders' spokesman. He would not be more specific. Mr. Horlick, who could not be reached for comment, will step down from Schroders' board of directors May 25 but remain with the firm for six months. Mr. Brown left SSgA in February amid reports of a succession dispute at the firm. SSgA eliminated the global CIO role, said Arlene Roberts, spokeswoman; his duties were assigned to regional CIOs. Separately, Schroders today reported a rise in asset management revenue for the first quarter, to £146.3 million ($268.9 million), up 26.1% from the first quarter 2004. Assets under management rose 8.4% to £108.9 billion in the first quarter from £100.4 billion in the first quarter 2004.