EUROPE - Pioneer Investments has named Marco Pirondini as global chief investment officer amid a push for the institutional market.

Pioneer said Pirondini, who was formerly head of global equity research, was "well suited to take on the new role as he has wide ranging experience, steeped in fundamental research but with a good degree of portfolio management experience".

He takes over from Giordano Lombardo, who becomes deputy chief executive. "Marco was one of the very early members of our Investment team and has been instrumental in the development of our robust, successful investment process," Lombardo said.

Pioneer, part of UniCredito Italiano, added that Pirondini would take charge of a team of 217.

It also named Matteo Perruccio as head of worldwide sales and distribution and head of a new global institutional business arm. He had been responsible for distribution outside the US and 'new Europe' and head of the Italian business.

Lombardo said: "We must also draw together all the ingredients needed to be a successful player in the institutional arena.

"I am extremely confident that we will make an impact when we launch this strategic business as I know from many months of internal research and development that we have exactly what institutions are seeking.

The firm said in a release that it had "always intended to attack the institutional market when the time was right and there is confidence that it is now".

It said it already has more than €16 billion in institutional assets under management.

"There is undoubted potential as many traditional players are struggling and investors are open minded to newer, specialised entrants.

"This creates a fantastic opportunity for Pioneer Investments with a range of high alpha and alternative products that possess undeniable institutional appeal."