Daly joined Cazenove in 2001 and has remained through its acquisition by Schroders and the firm’s buyout of C. Hore & Co’s wealth management unit.
Ross moved into Schroders to take up the role of global head of wealth management earlier this year.
A statement from the wealth manager said it had secured regulatory approval for Daly to take on the chief executive role.
Daly said: “The depth of talent and the strength of culture that we have in the organisation is something which I am very proud of.
“Our clients have always been at the centre of everything we do, and as we continue to grow this will be critical to our ongoing success.”