Pioneer announces revamped retail distribution unit
Pioneer Investments of Boston has announced a restructuring of its retail distribution unit, included new hires and promotions for existing managers.
Pioneer Investments of Boston has announced a restructuring of its retail distribution unit, included new hires and promotions for existing managers.
The moves were made to boost business in the Boston-based firm’s defined contribution and investment-only variable annuity markets as well as build business with broker-dealer wealth management platforms, independent broker-dealers, banks and insurance firms, said Joseph Kringdon, executive vice president for U.S. retail distribution.
Currently the defined contribution and investment-only variable annuity businesses represents about 30% of the firm’s retail sales, he said.
As part of the restructuring, Thomas Jones was named to the new position of senior vice president and director of the wealth management channel, which is focused on national and regional broker-dealers, private banks and trusts.
He joined the firm from the New York-based DWS Investments, where he was director of national accounts in the broker-dealer channel.
Thomas Coffey was promoted to senior vice president and director of the advisory channel, which works with independent advisory and broker-dealer firms.
He previously served as vice president and senior relationship manager of the advisory channel.
Also, Paul Mahan was promoted to senior vice president for strategic alliances. He previously served as vice president and senior relationship manager in the group, which focuses on the defined contribution and variable annuity business.
All three executives report to Bill Taylor, senior vice president and head of relationship management and strategic alliances.
The market downturn has created an environment where “investors and advisers are trying to get a lot less volatility and are seeking more conservative and predictable strategies,” Mr. Kringdon said.
The firm’s 42 mutual funds include many strategies that are considered conservative, including the firm’s flagship Pioneer Fund, he said.
“There are a lot of firms that could also say they aspire to be conservative,” Mr. Kringdon said. “We are one of the oldest fund companies in the U.S. and we’ve never changed our stripes.”
Pioneer Investments had worldwide assets of $236 billion as of July 31.
Of those, $54 billion were managed in the United States, up from $49.7 billion as of Dec. 31.
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