richard buxton to take on head of uk equities role at schroders
Mark Pignatelli of Schroders is to return to running money for the first time since 2002 as he takes up the role of head of European equities at the group.
This move coincides with him stepping down from his role as chief investment officer. Pignatelli will start by running institutional rather than retail mandates.
At the same time Richard Buxton, manager of the UK Alpha Plus fund and head of UK specialist equities, is promoted to head of UK equities.
The change in role means Buxton is now in control of the investment processes across the UK equities team and its performance. However, Schroders told Investment Week this should not reduce the amount of time he spends running his fund.
Ken Lambden, CIO of the group's Australian business, is to become head of equities at the start of January next year. His role will be managerial and to ensure that the overall equity process which was developed by Pignatelli continues to work well.
These are part of a raft of changes at Schroders which have been prompted by the resignation of David Gasparro, head of investment products at the group.
In the past, the group has separated out its distribution and senior management into two areas, institutional and retail. Subsequent to Gasparro's departure, it has decided to run these two businesses together and instead focus on investment management and distribution.
As a result Richard Horlick, global head of institutional business, has been appointed as head of investment, effectively taking over Pignatelli's role as CIO, while Massimo Tosato, global head of retail business, becomes head of distribution.
Lambden, Buxton and Pignatelli will all report to Horlick, who is responsible for the performance of all Schroders funds, both institutional and retail, while Robert Higginbotham, head of marketing and retail sales, will assume the role of head of global marketing, taking on responsibility for product development and the group's brand.
Robin Stoakley, managing director of UK retail at Schroders, said: 'We are finding the servicing requirements from our clients, both retail and institutional, are essentially the same.
'We just need to make sure they all get the right level of support for the service they are looking for, and we can only achieve this by working as a single team.'
Gasparro was at Schroders for 11 years, the last three of which he spent as head of investment products, responsible for the performance of all the group's funds.
In 2002, following a period of underperformance, the group switched its active US funds, then run by Ian Brady, Ian Cooke and Phil Chappell, across to its investment strategy unit (ISU) active quants process.
In September last year Adriaan de Mol van Otterloo took over the management of the Schroder European fund from Pignatelli.
This year, as part of an overall rationalisation of its fund range, the group decided to close its style-based funds and launch European and Japanese focused portfolios.
Stoakley said: 'Gasparro was not responsible for all these changes, but over the year to date the North American fund is 0.5% ahead of the index and is achieving what we set out to do and de Mol van Otterloo has so far delivered strong performance in Europe.'
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