Pioneer boosts CDO capabilities with Vanderbilt acquisition
Pioneer Investments has acquired USD13bn AuM Vanderbilt Capital Advisors, specialising in separately managed fixed income strategies.
NY-based Vanderbilt Capital Advisors LLC is one of the leaders in the marketplace for collateralized debt obligations (CDOs) and related structured finance products for institutional investors.
Dario Frigerio, Chief Executive Officer of Pioneer Global Asset Management SpA, said: 'This acquisition is part of our global plan to grow our institutional business. As a rapidly expanding global asset management firm, it is important to have capabilities across a broad range of asset classes. We see opportunities for specialist CDO and related capabilities throughout Europe."
Vanderbilt was the fifth-largest manager of CDO assets that invests in asset-backed securities in the US, according to the most recent ranking of CDO managers by Standard & Poor's (as of Q3 2005).
Vanderbilt, which had been employee-owned, will operate as a wholly-owned subsidiary of Pioneer Investment Management USA Inc. Vanderbilt will retain its staff and continue to operate out of offices in New York City, Chicago, Los Angeles and San Francisco.
Emad A. Zikry will remain President of Vanderbilt and report to Osbert Hood, President and Chief Executive Officer of Pioneer Investment Management USA Inc.
Pioneer Investments is a global investment management group with over EUR 164 billion of assets under management as at 31 March 2006. Pioneer provides a wide range of investment solutions including mutual funds, alternative investments and structured products to clients that include institutions, corporations, intermediaries and private investors around the world. Institutional clients account for over EUR 35 billion.
Pioneer Alternative Investments (PAI) is the group's hedge fund business and has its main operations in London, Milan and New York, Dublin being the investment centre. PAI provides single strategy funds as well as a range of funds of hedge funds. PAI had total assets under management of EUR 4.4 billion as at end of March 2006.
With offices in 18 countries around the world, the Group employs more than 1,800 staff.
Pioneer Investments and Pioneer Alternative Investments are trading names of the Pioneer Global Asset Management S.p.A. group of companies (PGAM). PGAM is a wholly owned subsidiary of UniCredito Italiano S.p.A.
As a result of the merger of UniCredito and Bayerische Hypo und- Vereinsbank A.G. (HVB), HVB's asset management divisions are being integrated with Pioneer Investments. This integration will bring assets under management at Pioneer Investments to approximately EUR 240 billion.
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