Roger Yates, the CEO of Pioneer Investments, is to step down from his post from July 24, according to a statement from the firm's parent group, Unicredit.
Roger Yates, the CEO of Pioneer Investments, is to step down from his post from July 24, according to a statement from the firm’s parent group, Unicredit.
He will be replaced as head of Asset Management by Sandro Pierri (pictured), who has been head of international distribution and a member of the Global Management Committee.
Yates, well known for his stewardship in London of Henderson Investors, joined Pioneer Investments in 2009. He was central to the five year Strategic Review that secured Pioneer’s future with Unicredit. Previously there was speculation that the struggling bank was intending to sell off the asset management business, which is based in both Dublin and Milan.
A formal proposal of Pierri’s appointment as CEO will be made to the Pioneer Investments’ Board of Directors in July. Yates remains as non executive director for the time being, relocating to London. Pierri will report directly to Federico Ghizzoni, CEO UniCredit.
Prior to his role in Pioneer Investments, Pierri was Chief Executive Officer of Pixel Investment Management SGRpA, joining in 2003 after nine years at ING Group.
Ghizzoni said Pioneer Investments is an important asset for the Group. “I firmly believe that Sandro Pierri is the right person to ensure continuity and successful execution of the business plan, which is moving into its implementation phase. I am convinced the existing plan on which we remain fully committed, will bring additional value to the Group and the shareholders.”