Schroders chief Michael Dobson will step down after 15 years in charge of the FTSE 100 fund manager.

Peter Harrison, who was appointed to firm's board in 2014, will replace him.

The change was announced as the asset manager revealed a pre-tax profit of £598m for 2015, a 14% year-on-year increase. 

Total assets under management stood at £313.5bn at the end of last year, up from £300bn in 2014.

The board proposed a dividend of 58p per share, bringing the dividend for the year to 87p, an increase of 12%.

"Schroders is well placed for a more challenging environment with a highly diversified business and a strong financial position," said Dobson, who will stay on as chairman, as current chairman Andrew Beeson is also stepping down next month.

"We see many interesting long-term growth opportunities and we will again be taking advantage of a period of dislocation to invest behind them," he added.

Along with results, Schorders said that a possible interest rate rise in the US, low oil prices, slower growth in China and fears of a recession in the US and Europe, has led to sharp falls in equities and some fixed income markets. 

It added that trading conditions are likely to remain volatile this year.