Pioneer Investment Management has broken up its distribution marketing unit into two separate divisions, distribution and strategic marketing, the firm announced last week. In a related announcement, the firm has also hired two former Fidelity executives for the two new divisions.

"After reviewing Pioneer's structure alongside our goals, it was clear to me that a change was necessary," said Dan Geraci, CEO of Pioneer. and a former Fidelity executive.

Bill O'Grady will head the distribution unit as an executive VP. O'Grady, was most recently at Fidelity, where he managed multi-channel distribution. He previously headed bank distribution at Alliance.

In addition, Pioneer has hired Richard Sardelli for the marketing unit. He joins Pioneer today as senior VP and director of marketing communications. He will report to Graziano. Sardelli was most recently senior VP of marketing communications for Fidelity Investments Institutional Services. He previously worked at several advertising agencies in New York.

The marketing unit will be led by Steven Graziano, who has been with Pioneer for eight years. As executive VP of strategic marketing, Graziano oversees product development and management and new business development and marketing.

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