Roger Price-Haworth, the head of UK institutional business at Pioneer Investments, has left the company. His departure comes just weeks after Pioneer cut the position of Paul Price, its global head of institutional business, as a cost-saving measure.

The departures are understood to reflect a decision by chief executive Roger Yates to scale back the asset manager's institutional business. Yates took over from Dario Frigerio as Pioneer's chief executive in January.