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Rating:Pioneer Seeks Acquisition Targets Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, July 07, 2003

Pioneer Seeks Acquisition Targets

by: Sean Hanna, Editor in Chief

Pioneer Investment Management has reportedly tapped an advisor to help it seek acquisition targets. New CEO Osbert Hood told Reuters that Pioneer hired DeGuardiola Advisors to find a small fund firm or an individual fund that is for sale.

Hood was made CEO of the unit after Dan Geraci jumped to Phoenix Investments in late April. Before taking the job in May, he spent nearly three years as Pioneer's chief operating officer.

Hood is apparently focusing on filling product holes in the Pioneer lineup. Specifically, he is hoping to add large-cap growth and hedge fund management capabilities, according to the report. "I would say we have some product gaps and where we can acquire strategically, we will do so," he reportedly told Reuters.

He added that he is willing to pay a premium price for a "perfect fit" firm. In the case of a hedge fund manager, that would likely mean one that has an SEC registered product. Pioneer last bought the Pioneer High Yield Fund Third Avenue Management in 1999 and hired portfolio manager Margaret Patel.  

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