merchant banking and fund management group, Schroders Plc, has announced the retirement of Mr. Michel Drew.

A Bermudian, Mr. Drew is retiring as President and CEO after having served 25 years with the company.

In fact, Mr. Drew opened the company here 26 years ago. He has acquired 100 percent ownership of long-time associate company, International Services Ltd., and this company now operates independently of Schroders. He will remain on the Schroders (Bermuda) Ltd. board as a non-executive director.

A member of the Bermuda and Canadian Institutes of Chartered Accountants, Mr.

Drew established the Bermuda subsidiary in 1969 and has been responsible for the development of the wide range of financial services that the Bermuda group offers its clients. Bermuda is just one of 34 countries where Schroder Group offices can be found.

Mr. Peter Everson is now responsible for the Bermuda-based operations of Schroders with the title of executive vice president. Mr. Everson has been with Schroders for 13 years and worked in both Sydney and London before returning to Bermuda in 1988 as treasurer.

Mr. Richard Crowder, managing director of Schroders Guernsey Ltd. has joined the board of directors and has been appointed president.

Former president and CEO of the Bank of Bermuda, Mr. Donald Lines, has been appointed non-executive chairman in succession to Mr. George Mallinckrodt, who remains on the board.