According to the Irish Times, which broke the story, the suspensions were linked to claims that both had been involved in efforts to set up another asset management company.
Experienced hands
Sources told FSA‘s sister publication International Adviser that the executives were Tanguy Le Saout, head of European fixed income and Ali Chabaane, head of portfolio construction.
Tanguy Le Saout manages both the Euro Aggregate Bond and the Euro Corporate Bond funds, which are available for sale in Singapore, according to FE Advisory Asia.
It is believed the two highly experienced, long-serving fund managers at Pioneer were looking to set up their own investment company.
Pioneer is believed to have appointed Cosimo Marasciulo, head of European government bonds, and Declan Murray, global chief of staff for the investment division, to cover their duties.
A spokesman for the asset manager in London declined to comment on the news.
The European fixed income team at Pioneer Investments utilises a matrix type structure with over 15 specialist portfolio managers running funds, supported by 20 research analysts, in Dublin and London so is not expected to be unduly affected by the suspensions.
Pioneer’s future
The suspensions follow, but are not believed to be directly linked to, the confirmation by French asset management firm Amundi in October that it is interested in buying Pioneer Investment from Italian bank UniCredit.
UniCredit had already been looking to merge Pioneer with Spain’s Santander, although that deal was abandoned in July after UniCredit chief executive Federico Ghizzoni’s announced in May that he was stepping down.
Pioneer Investments, which has based its European operations in Dublin since 1998, had assets under management of £188.7bn ($252bn, €225.8bn) at 30 September 2016.
