Pioneer's selection of Fidelity executive Daniel T. Geraci as its new chief executive of Pioneer Investment Management USA points to the firm's hopes to further build its high-net-worth business. Pioneer currently manages some $19 billion in the United States.

Geraci, who had been president of Fidelity's Private Wealth Management Group, replaces David Tripple as CEO and president who stepped down at the end of September after announcing his intent to resign last May. Geraci reports to Dario Frigerio, chief executive officer of Pioneer Global.

Frigerio explained that Geraci is expected to lead the firm's efforts to introduce Pioneer's European capabilities to the US market. UniCredito Italiano Banking Group purchased Pioneer in October of last year. Worldwide the group manages $99 billion in assets.

Geraci has a background honed in both wealth management and international marketing and distribution during his six years at Fidelity. He was part of Fidelity's launch of its wealth management area in 2000 and headed distribution and marketing at Fidelity Investments Institutional Services from 1998. Prior to that he was a part of Fidelity Investments Canada.

This is also not the first time Geraci has headed an asset management business. He was the founder of Atlas Asset Management, a unit of Toronto-based Midland Walwyn Capital. Merrill Lynch Investment Management has since acquired that firm.

Fidelity said that it has already filled Geraci's former job. Leonard J. Stecklow, 54, will take over as president of the Private Wealth Management Group. Stecklow had been overseeing the firm's marketing to clients with more than $500,000 in assets as well as overseeing the customer branch operations and national telephone service operations.  

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