Pioneer plans to open up 9 strategies to UK investors
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Pioneer Investments has unveiled plans to launch a UK-registered fund next month to offer UK retail investors access to nine of its investment strategies.
The Milan-headquartered asset manager currently has over 60 strategies running under its existing international umbrella, which is a structured as a ‘fonds commun de placement’.
This structure is not common in the UK and has tax drawbacks for retail investors, leading the firm to unveil a Luxembourg-domiciled sicav as part of its expansion into the UK market.
The nine investment strategies that will be available through the sicav as Pioneer’s Euro Aggregate Bond, Global Aggregate Bond, Strategic Income, Euro High Yield, Global High Yield, Emerging Markets Bond, Euroland Equity, Top European Players and US Fundamental Growth sub-funds.
Pioneer head of UK and Ireland distribution David Hanratty says: “It is no small undertaking to launch an additional fund offering but this is a sign of commitment to the UK market and to provide our clients there with the most appropriate product structure for their needs.”
The sub-funds, which will open to UK investors in August subject to regulatory approval, will have no minimum investment. The annual management charge will be specific to each strategy.
Pioneer adds that other sub-funds – including its Absolute Return Bond, Euro Bond, US High Yield and Commodity Alpha strategies - will be made available upon any further client demand.
Earlier this month, Pioneer appointed Brian Clay as head of its UK wholesale business as part of its plans to expand its presence in the UK market. Clay will work to build the firm’s relationship with UK distribution networks, multi-managers and discretionary managers.
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