Pioneer Investments, the global asset management firm, has received approval from the Securities and Futures Bureau of Taiwan to act as a master agent of the Pioneer Funds in the country. 

While the company already has a presence in Taiwan, via Pioneer Investments Taiwan, this new licence will allow it to interact directly with Taiwanese distributors, the firm said in a statement. The local subsidiary is one of the largest offshore fund managers in the country and has enjoyed an 80 per cent average growth rate per year from 2009 to 2012. 

With the upgrade to Master securities investment consulting enterprise, Pioneer Investments Taiwan becomes master agent to 21 registered funds starting 15 October 2013. Previously, these were marketed through ING Securities Investment & Trust. 

"It's a natural step... given the size and scale of our business in Taiwan. [The company] records over €2 billion ($2.8 billion) in net sales over the past three years," said Jack Lin, head of Asia and Middle East.

Pioneer Global Investments (Taiwan) was established in 2006. It is licenced to operate as a SICE and to provide consultation services and act as sales agent and master agent in respect of Pioneer Funds in Taiwan.