Pioneer Investment Management is not for sale, may, in fact, make some acquisitions, and is broadening its offerings to include an annuity line in the second quarter and hedge funds by the third.
Dan Geraci, chief executive officer, asserted in an interview with Dow Jones that rumors Pioneers parent, Unicredito Italiano SpA, may put the unit up for sale arent true.
In fact, Geraci said, Pioneer, which currently has $110 billion worldwide and $22 billion in the U.S., might add to its asset management portfolio.
Pioneer has 25 open-end funds and one closed-end fund, but does no direct selling. Its primary sales outlets are financial advisers and broker/dealers.
Pioneer currently has 50,000 advisers selling its products, up from 33,000 18 months ago, Geraci said. By the end of 2004, Pioneer expects to broaden its number of advisors selling funds to 75,000.
Pioneer is shifting its strategy, Geraci said, from primarily selling mutual funds through financial advisers to a broader set of offerings.
For example, in May, Geraci said, Pioneer expects to re-launch an annuity product line in partnership with Travelers Life & Annuity. Pioneer also began offering a 401(k) plan called Uni-K Plan to sole proprietors in January of last year. The plan, Geraci said, has been "a tremendous success."
