Dan Geraci is leaving his position as president and CEO of Pioneer Investment Management to become president and CEO of Phoenix Investment Partners, a subsidiary of The Phoenix Companies with $54 billion under management. In his new position, which Geraci assumes in the middle of next month, he also becomes an executive vice president of the parent company.
Geraci is leaving Pioneer after only 18 months. Prior to joining Pioneer, a division of UniCredito Italiano that manages $112 billion worldwide, Geraci spent six years with Fidelity Investments, most recently as president of Fidelity Private Wealth Management.
Geraci is the second chief executive to leave the Boston company since its acquisition by UniCredito was sealed in May 2000. His predecessor, David Tripple, resigned in 2001 following a reshuffling of Pioneers management by UniCredito. "I saw in Phoenix an opportunity to have an incredibly strong impact on an organization and to really grow something that has an amazing amount of potential," he said of his decision.
Investors should not perceive his departure as a negative sign, Geraci told Dow Jones Newswires. Nor should they believe rumors that UniCredito wants to sell Pioneer, he added.
At Phoenix, Geracis first task will be increasing asset management margins, Dona D. Young, chairman, president and CEO of Phoenix, said in a statement.
Pioneer has not chosen a replacement for Geraci, Pioneer announced yesterday.