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Monday, February 27, 2012|
Pioneer CEO Talks Sales Force Expansion
Pioneer Investments [profile] plans to expand its retail sales team in the U.S. by 25 percent, according to Dan Kingsbury, CEO of Pioneer Investment Management USA.
The Boston-based firm plans to add "10 [wholesalers] in the traditional area and three in the hybrid area," Kingsbury said.
He added that in each of the last four years, sales were "considerably bigger" than those of the previous year.
Over the next five years, Kingsbury is targeting to grow Pioneer's AUM to around $75 billion from the current $40 billion.
Kingsbury revealed the growth plans in a conference call with reporters Monday morning. His boss, Pioneer Investments global CEO Roger Yates, was also on the call to provide an update on the asset manager's key initiatives.
Last April, Pioneer's Italian parent, UniCredit, pulled Pioneer off the auction block after nearly a year of exploring strategic options.
The firm is also adding to its headcount on the investment management side, such as in the large cap value and global areas.
Pioneer has hired around six people, mostly in the fixed-income space, and plans to hire five more investment pros this year, Kingsbury said.
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