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Italian Bank Acquires US Hedge Fund Manager

Stephen Harris

27 April 2006

Pioneer Investments, the investment management arm of Italian bank UniCredit, has acquired US hedge fund Vanderbilt Capital Advisors. Pioneer currently runs a hedge fund with €4.4 billion ($5.5 billion) of assets. The acquisition of Vanderbilt will expand its coverage of institutional clients in the US and boost its ability to launch new products in Europe. Terms of the deal were not disclosed but Vanderbilt will continue to operate as a separate unit.