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Portfolio > Alternative Investments > Hedge Funds

Pioneer Plans Registered Fund

By Staff Writer

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BOSTON (HedgeWorld.com)–Pioneer Investment Management Inc. filed with the Securities and Exchange Commission to sell a registered hedge fund of funds, the Pioneer All-Weather Fund LLC.

Pioneer Alternative Investment Management Ltd. is listed as adviser to the multi-strategy fund, with fund selection duties probably being taken on by the firm’s recently acquired unit, Momentum Group. Momentum, which Pioneer purchased last year for US$110 million Previous HedgeWorld Story already offers hedge funds under the All-Weather name.

Pioneer executives declined comment.

Osbert Hood, president and chief executive of Pioneer Investment, is named as manager of the fund in the filing. Mr. Hood was promoted to that position in May, replacing Dan Geraci, who left to become president and chief executive of Phoenix Investment Partners Ltd., Hartford, Conn.

Details on investment minimums, fees and sales charges were not included in the initial filing for the fund, which is planned to have a public offering. The fund will be sold to investors meeting one of the following criteria: having a net worth of US$1.5 million; having US$750,000 under Pioneer’s management; considered to be qualified purchasers as defined by the SEC; or are a knowledgeable Pioneer employee involved with hedge funds.

The filing did include past performance of a private fund managed by Pioneer Alternative Investment Management. The fund returned 3.32% in 2002 and 6.84% in 2001, at a time when the CSFB/Tremont Hedge Fund Index returned 3.04% and 4.4%, respectively. An unnamed benchmark in the filing returned 1% in 2002 and 2.8% in 2001.

Hale and Dorr LLP is legal counsel, and a Pioneer unit is acting as administrator.

Pioneer is a unit of Unicredito Italiano SpA, Milan, Italy, and manages US$112 billion globally and US$23 billion in the United States, as of the end of March.

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