Pioneer Global Asset Management, the fund management arm of Italian bank Unicredito, has bought a significant minority stake in Oak Ridge Investments, a US fund manager with $1.5bn (€1.2bn) under management.

The move will allow Pioneer Global Asset Management, which manages $36bn of US money in mutual funds, to expand in the US institutional and high net worth individual business by offering them separately-managed accounts.

William Hutchings

Unicredito

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Pioneer takes stake in US fund manager

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