The former head of European equities at Swiss asset manager Pictet has joined UK funds house Threadneedle as a portfolio manager for institutional clients, marking a rare senior appointment amid widespread job cuts in the funds industry, following a difficult year.

Ann Steele was at Pictet for five years, before leaving in late 2008. She previously spent six years at Henderson Global Investors as head of European equities, and 10 years at Gartmore Investment Management in the same position. She will join Threadneedle's European equities desk in an effort to develop the institutional side of the business.