May 14, 2002

Pioneer Buys Hedge Fund Manager

May 8, 2002 -- Pioneer Global Asset Management said it acquired Momentum Group, a U.K.-based hedge fund manager, for $110 million.

The move enables Pioneer Global to expand its investment products for institutions and wealthy investors, groups it believes "will continue to show strong interest in alternative investments," the firm said in a statement.

Pioneer Global, a unit of UniCredito Italiano SpA, manages about $99 billion, including the Pioneer family of mutual funds.

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