Sandro Pierri, the chief executive of BNP Paribas Asset Management, has been elected president of Europe’s main fund management trade body Efama — months after the Brussels-headquartered association brokered a compromise to win back German members by removing corporates from its board. Pierri, who before joining BNP Paribas Asset Management in 2016 spent almost a decade at Pioneer Investments, replaces Naïm Abou-Jaoudé, New York Life Investment Management boss.

Rory Tobin, a veteran of the $10tn ETF industry, is retiring from State Street, where he has led the Boston-based firm's ETF business for the past five years. Tobin, who joined State Street in 2014 to initially oversee European ETF distribution, took over its global ETF business, known as SPDR, in 2018.