Pioneer To Launch SICAV In UK Market

Nick Parmée

26 July 2012

Pioneer Investments has confirmed plans to launch a Luxembourg-domiciled UK-registered SICAV with a UCITS IV structure in August 2012, subject to regulatory approvals. The move aims to offer UK investors access to the same portfolio management capabilities as clients outside the UK.

Pioneer’s existing main international umbrella is a Fonds Commun de Placement. While in general terms it is a mutual fund like a SICAV, it is not common in the UK and for retail investors an FCP has certain tax drawbacks which do not apply to the SICAV.

“We intend to build on our established UK institutional and wholesale business and to support our plans we recognise the need for a fund vehicle which suits the tax and regulatory environment in the UK. It is no small undertaking to launch an additional fund offering but this is a sign of commitment to the UK market and to provide our clients there with the most appropriate product structure for their needs,” said David Hanratty, head of UK and Ireland distribution.

The firm says the new SICAV range will be important for Brian Clay, hired at the beginning of July as head of its UK wholesale business: his role is to develop relationships with the leading UK distribution networks, multi-managers and discretionary managers.

Pioneer Investments is a trading name of the Pioneer Global Asset Management group of companies, a wholly-owned subsidiary of Italian banking group UniCredit.