Money Management

Pictet Asset Management’s head of high yield departs

Roman Gaiser, head of high yield, left Pictet Asset Management, a spokeswoman said.

Portfolio managers Prashant Agarwal and Alexander Baskov took over his responsibilities and manage Pictet's European high-yield fund.

The Pictet spokeswoman confirmed the money manager is looking to replace Mr. Gaiser but it is not known if the new hire will have the same responsibilities. She could not comment about Mr. Gaiser's next move.

Pictet has 462 billion Swiss francs ($481 billion) in assets under management.