Pioneer finalises acquisition of Momentum

Pioneer adds Momentum''s fund of hedge fund''s range to its range of funds.

Pioneer Global Asset Management, a subsidiary of UniCredito Italiano, has announced the completion of its acquisition of Momentum Group for $110 million. The acquisition of Momentum is part of Pioneer Investments' expansion plans to become a leader in the fast growing alternative investments arena. Pioneer Alternative Investments' focus to date has been on single managerstrategy funds and Italian-domiciled funds of hedge funds.

Momentum brings expertise in the funds of hedge funds market, which is expected to be one of the key areas of growth in the coming years. Momentum also brings a complementary distribution network, which will allow Pioneer Investments access to a wider market worldwide.

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