Pioneer Global pays $110m for Momentum's services

Pioneer Global Asset Management has paid US$110m for fund of hedge fund manager Momentum to expand its product range and broaden its geographical reach. Pioneer is also planning to roll out several new funds of hedge funds during the summer.

Alberto La Rocca, chief executive officer of Pioneer Alternative Investments, said the Momentum purchase would offer Pioneer new offices in Australia, Bermuda, Israel and Hong Kong, and help broaden its focus to kindle more institutional interest. La Rocca ho