Optical effect pigment comprising a plurality of layers and a magnetic element, the layers can be arranged in two stacks of asymmetric layers or in a single stack of layers and comprise at least an absorber layer and at least a dielectric layer and can further comprise a reflector layer. The magnetic element presents a magnetisation which is out-of-plane, i.e. predominantly perpendicular to the plane of the pigment, which allows a deposition on the printing substrate whereby the face of the pigment lying up or down on the substrate can be predetermined. Such effect pigment has applications in many fields and specifically in security printing, where due to controlled deposition for instance a double-stack pigment will produce a different optical effect on each of its faces.