Pioneer Investments, a subsidiary of UniCredito Italiano, has bought fund of hedge fund group Moment...
Pioneer Investments, a subsidiary of UniCredito Italiano, has bought fund of hedge fund group Momentum in a move designed to pave the way for aggressive expansion in the alternative investment market.
The group's focus has been on single manager/strategy funds and Italian-domiciled funds of hedge funds. The acquisition of Momentum will take it into the fund of hedge funds market for $110m.
Dario Frigerio, chief executive officer of Pioneer Global Asset Management, which has some E100bn in assets under management, said: 'The acquisition broadens our offering and strengthens our existing alternative investments capabilities, adding further funds to existing range.
'Momentum brings particular expertise in the funds of hedge funds market, which is expected to be one of the key areas of growth. It also brings a complementary distribution network, which allows Pioneer Investments to dramatically increase its market penetration worldwide.'
Slow progress in improving diversity
Share purchase deal with assets of £28m
Came into effect in January
Three examples of compensation rule issues
Buying in baskets