MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, October 17, 2005 Pioneer on the Prowl Pioneer Investments plans to double its assets under management within three years, and not through organic growth. InvestmentNews reports that the Boston-based fund company aims to grow assets to $100 billion from approximately $49 billion currently. The growth mandate is coming from UniCredito Italiano, Pioneer's owners, according to InvestmentNews. "They want to see me get the company up to a size where it's not affected by turbulence anymore," Osbert M. Hood, head of Pioneer Investments, said to InvestmentNews. By mid-2006, Pioneer may be ready to acquire a fund company with more than $20 billion in assets, Hood told InvestmentNews. The fund firm is currently looking at fund firms in the $20 billion range. Pioneer completed the acquisition of Birmingham, Alabama-based AmSouth Bancorp's mutual fund assets in September. That acquisition, plus the buy of Safeco Asset Management's fund business in 2004, added more than $8 billion in assets to Pioneer's rolls. Printed from: MFWire.com/story.asp?s=10656 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |