Pioneer Investments announced its entry into the separately managed accounts business Wednesday by signing a deal to purchase a minority ownership stake in Oak Ridge Investments, LLC.

The deal also adds a sorely needed growth strategy component to Pioneer’s investment lineup, which is now dominated by the firm’s flagship high-yield investment group. "In keeping with our growth strategy, we have entered the separate accounts business through a partnership with a market leader that has a strong investment track record," said Osbert Hood, CEO.

Steven Graziano, executive vice president of strategic marketing, suggested in a public statement that Pioneer intends to keep Oak Ridge’s moniker intact after the transition is completed. Other separate account providers have made a point of promoting boutique names of newly acquired asset managers as a means of attracting affluent customers.

Terms of the deal were not immediately disclosed.

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