Roger Yates is stepping down as CEO of Pioneer Investments [profile]. Yesterday UniCredit CEO Federico Ghizzoni revealed the appointment of Sandro Pierri as head of asset management and CEO of Pioneer, effective July 24.

Global Investor, Investment EuropeInvestments & Pensions Europe, Morningstar, Pensions & Investments, Reuters and WealthBriefing all reported on the news.

According to the statement, Yates will stay on Pioneer's board as a non-executive director and "return home to London due to family commitments."

Pierri joined Pioneer nine years ago, leading western europe and international and leading Pioneer in Italy. He also spent nine years at ING Investment Management.

Yates served as CEO for two and a half years and has been an important player in the firm's strategic review, which ended last year when the Italian bank decided not to sell Pioneer. MStar wonders if Yates didn't do himself any favors in February when he told reports: "The ability of banks to screw up fund managers is legendary. We’ve just got to make sure we have sufficient independence." 

Edited by: HFD


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