Pioneer Global Gains Momentum

May 8, 2002 ( - Pioneer Global Asset Management S.p.A., has acquired UK-based Momentum Group, a fund of hedge funds manager, for $110 million. The acquisition is subject to regulatory approval.

According to a Pioneer announcement, the Momentum deal is part of its plans to expand its alternative investment offerings.

Pioneer’s current alternative investment products – focusing on single manager/strategy funds – are offered through Pioneer Alternative Investment Management Ltd.

Pioneer said its expansion is a response to “significant growth” in the alternative investments industry–including funds of hedge funds, single strategy hedge funds, and associated structured and custom products.

Pioneer Global manages approximately $99 billion (as of March 31, 2002), including over $20 billion for US investors, under the name Pioneer Investments.