U.K. mutual fund giant Amvescap plc says that it has decided to go outside for a new CEO.

“Notwithstanding the exceptional quality of the internal candidates, the board has determined it is in the best interest of the company to expand leadership talent by appointing an external candidate as CEO,” the company said today.

The Amvescap board has formed a committee of non-executive directors to broaden the external search for a new CEO. Rex Adams is leading the process and is joined by Edward Lawrence and Bevis Longstreth. The committee will be assisted by an international executive search firm.

The firm, which is the parent company of Canada’s AIM Trimark also said intends to separate the roles of chairman and CEO.

The company will be seeking shareholder approval at its annual general meeting on April 28, to amend its articles of association to reflect the separation of the chairman and CEO responsibilities.

The board will be publishing separate terms of reference for both the chairman and CEO roles, which will take effect upon the appointment of the new CEO.