Pioneer Investments of Boston has undertaken a global initiative to bring its investment management capabilities to the developing markets of India and Russia. The goal is to be among the top five players in those two markets in three years.

In India, Pioneer has signed a joint venture deal with Bank of Baroda, the first deal of this kind in India. Under the terms of the agreement, the financial terms of which were not disclosed, Pioneer is acquiring a 51% majority interest in Bank of Baroda, a state-owned local bank/asset management company with under $25 million in assets.

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