Roger Yates’s stepping down as chief executive of Pioneer Investments follows a turbulent few years, during which its troubled owner UniCredit tried, and failed, to sell the division to a third party following obstruction from the Italian central bank, less than keen at the prospect of overseas control, given its importance as a regular buyer of Italian bonds.

After getting used to commuting between the UK and Italy, Yates has come home but hung on to a job as a non-executive director at Pioneer, which will stop him moving to a rival asset manager for the foreseeable future.