The chief executive of Pioneer Investments, one of Europe's largest asset managers with €170bn ($260bn) under management, has unexpectedly announced his departure from the company with no successor lined up to take over.

A spokesman for UniCredit, the Italian bank that owns Pioneer, said: "UniCredit Group communicates that Dario Frigerio, chief executive officer of Pioneer Investments and deputy general manager of the group, is leaving the company to pursue new professional opportunities.

William Hutchings

UniCredit

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Pioneer chief abruptly quits

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