Pioneer Investments has introduced a closed-end fund that gives investors exposure to catastrophe bonds or “cat bonds.” Cats are issued by insurers to help spread the risk of losses from natural catastrophes such as hurricanes and earthquakes.

The current portfolio of the Diversified High Income Trust (HNW) includes event-linked bonds, 25 percent; floating-rate bank loans, 37.5 percent; and global high-yield bonds, 37.5 percent. Cat bonds can represent a maximum of 35 percent of the fund’s portfolio at any given time, according to Boston-based Pioneer.

The May IPO, staged with UBS Securities, encompassed 7.3 million shares at $25 each. It raised some $185 million.

“Pioneer Investments is an industry leader in high-yield investing, and this fund is another example of our ability to provide investors with innovative approaches to this market,” says Daniel K. Kingsbury, president and CEO of Pioneer Investment Management USA. “We are giving investors exposure to a new asset class — cat bonds — within a diversified portfolio.”

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Oppenheimer Funds of New York has announced Bill Wilby, portfolio manager of the Oppenheimer Global Fund, is retiring after 16 years with the company.

“Bill had a tremendous impact on Oppenheimer Funds and his legacy is that he built one of the best equity organizations in the business,” says Chairman and CEO John V. Murphy.

Under Wilby, Oppenheimer Funds’ global equity assets grew from some $1 billion into a more than $60 billion franchise, according to the company. In July 2005, Wilby became director of equities and later co-managed the Oppenheimer Capital Appreciation Fund.

Marc Baylin, current co-manager of Oppenheimer Capital Appreciation Fund, will assume the role of lead manager on July 1. Two senior analysts recently joined Oppenheimer Funds’ Growth Team to provide additional support.

“Marc was a strong addition to our growth team and has already done an outstanding job with the Capital Appreciation Fund,” says President and Chief Investment Officer Kurt Wolfgruber. “I am certain that he will continue to produce the results the fund’s shareholders have come to expect.”

Compiled by Janet Levaux, managing editor of Research; send news announcements to jlevaux@researchmag.com.