Russell Investments, blighted by ongoing uncertainty over its future ownership, has suffered a fresh senior exit, with its head of asset allocation for Europe, the Middle East and Africa jumping ship to join the investment arm of the UK’s biggest pension fund.

Mirko Cardinale, who joined $266 billion Russell in December 2013, has left for USS Investment Management, which manages the money of the £49 billion Universities Superannuation Scheme, according to a USS statement on September 16.