Pioneer CEO Leaves Abruptly

Osbert Hood, chief executive of the U.S. division of Pioneer Investments announced last week that he will leave the Boston-based fund shop for a position in New York, according to MarketWatch. Some speculate that Hood’s departure is related to failure of Pioneer’s parent, UniCredito Italiano SpA, in acquiring Boston-based Putnam Investments.  Montreal-based Power Corp. confirmed stories Friday that it is in acquisition talks with Putnam-parent Marsh McLennan Co. of New York. In a terse statement announcing Hood’s resignation, Pioneer said it has begun the search for a successor. In the interim, Deputy Chief Executive Officer Giordano Lombardo will take control. Analysts credited Hood with helping the company’s assets reach $72 billion, mainly through acquisition of companies including Vanderbilt Capital Advisors and the mutual fund division of Safeco. The Boston Globe  reported that Hood will head to New York Life Investment Management’s McKay Shields. Geoff Bobroff, a fund consultant in East Greenwich, R.I. noted that McKay is “in an acquisition hunt,” and that Hood’s skills could serve the company well.   The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.