Former Schroders retail chief David Gasparro has joined rival Threadneedle to co-ordinate the group's retail strategy for the UK and Europe.
Gasparro, who left his role as head of investment products last September, becomes head of retail responsible for overseeing growth in areas including France and Switzerland, where Threadneedle has recently launched businesses.
He will also look after the UK retail business, which saw its share of IFA sales grow 18 per cent last year. Overall, the group's gross sales rocketed 40 per cent.
Gasparro, who joined Schroders in 1992, was appointed head of retail investment in 2000 after four years as head of investment strategy. But he left the group last year following a major corporate shake-up which saw his role split into two and the appointment of three head of desks.
His new role will be to help Threadneedle continue its strong growth following the sale of the business to US giant Amex. He will report to head of distribution David Sachon.
Sachon says: “My management team has changed little in the last few years. This recruitment is a vital step in ensuring our continued growth and success.”
Gasparro says: “The retail business only started in 1997 in the UK and 1998 in Europe but it has grown exceptionally quickly and continues to innovate and develop. It is going to be an exciting place to work.”