Austrians take over the direct management of Pioneer funds

Pioneer Asset Management firm, with net assets worth 17.6m RON (4.3m euros) under management, transferred the management of the two mutual funds in the portfolio to the Vienna unit of Pioneer Investments international group. Pioneer Asset Management ranks 13 among fund managers, with a market share of 0.5% in late January. Three years ago, Pioneer held around 7% of the market, but it lost in the race with BCR, Raiffeisen and Banca Transilvania managers, whose expansion was more extensive. “It’s one of the natural effects of globalisation. From now on, Stabilo and Integro’s investment strategies will be decided by the team of experts of Austria’s Pioneer Investments, with the domestic team to further handle distribution, fund unit calculation and the funds’ short-term investments in fixed-income securities,” said Florin Dolea, chief executive with Pioneer Asset Management. The manager is part of UniCredit Tiriac Bank banking financial group and is the domestic unit of one of the world’s biggest investment managers, Pioneer Investments, controlled by UniCredit.