UK- Schroders has appointed Fidelity’s Richard Horlick as global head of institutional business. Horlick is moving back from Boston where he is president and chief executive of Fidelity Management and trust Company and head of Fidelity’s US institutional business.

On joining Schroders he will become a member of the group management committee and will join the board. The post of global head of institutional business is new and adds to the previous regional arrangement.

Schroders has also promoted Mark Pignatelli from head of pan European equities to chief investment officer. In the new role Pignatelli will assume responsibility for the oversight and development of the firm’s investment approach globally.

The pair join in the wake of Schroders announcing that weakness in global equity markets have halved pre-tax profits in the first six months of the year. Pre-tax profits in the half-year to June 30 dropped 51% to £20.5m (e32.4m), down from £41.5m a year earlier.

Assets under management also fell 7% to £102.7bn from £110.4bn at the end of last year thanks to falling equity markets and net outflows from its institutional business of £2.3bn.

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