…while PGI quickly appoints replacement

PRINCIPAL Global Investors (PGI) moved swiftly to reassure the market by reassigning institutional director Alex Francois into its managing director institutional sales and marketing position in light of Richard Borysiewicz’s impending move to Skandia.

Francois had been working under Borysiewicz since joining PGI just over a year ago, but will now head up PGI’s sales of its institutional business.

According to a PGI spokesperson, the firm has begun a recruitment search to replace Francois as he moves into Borysiewicz’s role immediately despite the latter remaining with the firm until July 13.

Francois previously spent five years at Schroder Investment Management, where he was director of sales and marketing before joining PGI. Prior to his time at Schroders, he was Deutsche Asset Management head of client relationships.

With regard to PGI’s domestic operations, the spokesperson says the group is continuing to focus on its core capabilities in the areas of property, currency and fixed interest.

However, the group representative refuses to dismiss the idea that the group may move back into broader equities management having sold BT Financial Group to Westpac Bank in 2002.