Market watch
Pioneer pushes alternatives in Italy
Unicredito’s Pioneer Investments has continued building up its alternative investments division with the appointment of Paolo Barbieri as head of alternative sales in Italy. Mr Barbieri joins from Milan-based Arkos Alternative Investments, where he was general manager. This follows Pioneer’s launch of a range of multi strategy hedge funds for the Italian market and the acquisition of Europe’s largest hedge fund firm, Momentum. Pioneer’s chief executive, Matteo Perruccio, said the Italian strategy was part of a wider global plan to meet demand for hedge funds from high net worth investors.
Fleming loads up on client details Fleming Family & Partners, the latest incarnation of the London-based Robert Fleming private client business dating back to 1873, has installed a bespoke client reporting system, designed by consultancy Citisoft. The new reports contain much greater client-specific details, with investment manager commentary, performance reviews and market forecasts.
Innovative funds from DIT Deutscher Investment Trust (DIT) has launched two absolute return funds, which will it will sell to European investors through its Luxembourg-based subsidiary Allianz Dresdner Asset Management. DIT would reveal no more on target returns beyond saying it was aiming for positive yield over 12 months. The funds will invest in money markets and fixed interest. DIT Absolute Return Allocation will target five per cent underlying volatility and DIT Absolute Return Allocation Plus will go for 10 per cent.
Trio switch to MLIM private client business Merrill Lynch Investment Managers has recruited three new staff to its private client business from London-based fund manager Singer & Friedlander. Martin Andrew, head of MLIM private clients, denied the move was an attempt to poach the team, saying “we target the same distributors as Singer”. David Poole, head of marketing, sales and new business at Singer has been appointed head of business development. Andrew Williamson-Jones and Stewart Edginton have been hired as private client fund managers.
