Pioneer Launches UCITS III Fund, Ramps Up L/S Team

May 29 2008 | 10:35am ET

Pioneer Alternative Investments has teamed up with HVB Structured Invest to launch Pioneer Absolute Return Equity, a UCITS III-compliant fund. It will be managed by HVB and is looking to capture the returns of an underlying hedge fund strategy managed by PAI by entering into a total return swap transaction. 

The underlying hedge fund strategy is a European equity long/short strategy based on a fundamental bottom-up method. Riccardo Cavo, head of European long/short strategies, and Andrea Buda, fund manager, are responsible for the underlying strategy at PAI.

Alberto La Rocca, CEO of Dublin, Ireland-based PAI, said although there are a few similar products on the market, some are offered by long-only houses while others have a quantitative style, which has particular limitations.

“We believe a fundamental approach, reliant on the skill of the manager to deliver the target returns within a risk controlled framework, is much more appropriate for this structure,” he said.

La Rocca added that the firm is already seeing a lot of interest in this fund with assets having already reached €200 million (US$313 million).

The Pioneer Absolute Return Equity fund is currently available for distribution in Italy and Spain.

Separately, Pioneer has appointed Lucio Vignati senior equities trader of the European long/short team. In this newly created role, Vignati will help manage the asset growth of the business.

Vignati joins from Lehman Brothers where he was director of European equity sales trading.

Pioneer is the alternative investment management arm of Pioneer Investments and currently manages some $9.9 billion in single strategy, multi-strategy and multi-manager hedge funds.

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