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Pignatelli made global chief at Schroders

Schroders&#39 star fund manager Mark Pignatelli has been promoted to global chief investment officer in a move which will see him relinquish management of two European funds.

Pignatelli, manager of the European and European dyn-amic growth funds, is handing over their management to Adriaan de Mol van Otterloo and Andrew Lynch respectively to concentrate on developing investment philosophy.

De Mol van Otterloo is unknown in the UK but already manages more than e500m of offshore money for Schr-oders – including its Luxemburg-based WMF European (excluding UK) fund – and has a solid performance track record.

Lynch is a well regarded European small cap analyst. He currently manages a smaller companies portfolio. Nevertheless, both funds will be put on hold by many IFAs until they find out what the managers plan to do with them.

Chief executive Michael Dobson says: “These key app-ointments reinforce the characteristics of the firm we want to build for the future – a modern, independent, global asset management firm supported by a strong investment process and efficient allocation of resources.”

Simpsons of Brighton partner Andrew Merricks says: “When funds are at the bottom of their sector and new people come in, they become more promising. But we will have to see how they perform before we start recommending them to clients.”

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