Michael Hughes, the chief investment officer of Baring Asset Management, will step down at the end of the year after nine years with the firm.

Hughes joined Baring in 1998 from Barclays Capital, where he was group economic adviser and chairman of Barclays Capital Pensions, according to a statement issued by Baring. Prior to that, he was a managing director and global head of economics and investment strategy at BZW Securities.