Deutsche Asset Management, the investment manager which runs over €580bn ($691bn), has reorganised its European equities team with the appointment of Piers Hillier from Schroders as head of European institutional equities and the transfer of two other managers to a hedge fund unit.

Hillier has been appointed to the newly-created position after seven years at Schroders, the UK-listed investment manager, where he was director of pan-European equities.