Smith & Williamson's Pignatelli to retire

Mark Pignatelli, manager of the European Growth Trust, will retire from Smith & Williamson at the end of this year.

Pignatelli (pictured) will continue to manage the fund until Christmas, when he will bring to an end a 26-year investment career to pursue opportunities outside the industry. He joined Smith & Williamson in 2008 to manage the European Growth trust, having begun his career in 1987 at Baring Asset Management and held a variety of roles - including CIO at Schroders - since that point. The £35m trust has delivered a return of 34.7% over the past five years, slightly below the IMA Europe ex-UK sector average return of 36.3%, according to Morningstar. Smith & Williamson said the fund's n...