Justin Hill has taken the number one slot as UK small-caps manager with Pictet Asset Management, having spent the last three years as number two in his team at Friends Ivory & Sime.

Friends Ivory & Sime has a team of 14 investing in UK and European large-cap stocks, and a second team focusing on UK mid- and small-caps. Hill was a member of the mid- and small-caps team, reporting to Nicholas Malins-Smith.