Ernesto Bertarelli, one of the wealthiest men in the world, is set to plough "hundreds of millions" into building a global asset manager, according to a source familiar with the situation. Yesterday he took the first step, hiring Jon Little, vice-chairman of BNY Mellon Asset Management, to take charge of the business.

Bertarelli's family office, Kedge Capital, said yesterday that Little will become chief executive of the business later this year. He will leave BNY Mellon on Friday this week, and after serving a period of gardening leave he will take up the position on November 1.