Frederico Lupi has been appointed as co-head of Pictet Asset Management's Agora long/short fund, amid a steep decline in assets from €1.66bn in February 2021 to €1143m at the end of last month, according to report by CityWire.

The funds has seen outflows every month so far in 2023.

The report says that Pictet has confirmed that Lupi, who most recently worked as a portfolio manager at ExodusPoint Capital Management, has started co-managing the strategy alongside Clément Mauve, who joined the Agora team in 2020, while former Agora manager Vincent Ijaouane has moved out of the fund but remains with Pictet.

Before ExodusPoint, Luis was an equity long-short portfolio manager at the DE Shaw Group, according to his LinkedIn profile, while past employers also include alternative investment firm Centerbridge Partners and Morgan Stanley’s investment banking division.

Lupi is working alongside co-head Clément Mauve, who joined the Agora team in 2020.

Former Agora manager Vincent Ijaouane has moved out of the fund but remains at Pictet. He previously enjoyed an AAA rating from Citywire for two years but has not been rated since 2021.