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Pioneer suspends fixed income and portfolio construction heads

Pioneer suspends fixed income and portfolio construction heads

Pioneer Investments has suspended its European fixed income and portfolio construction chiefs, it has emerged.

Tanguy Le Saout and Ali Chabaane have both been suspended by the Dublin-based asset manager a source confirmed to Citywire Selector.

It is understood the duo were involved in setting up another asset management company, which led to the suspensions.

Pioneer Investments were unable to comment.

According to the Irish Times, no regulatory or corporate breaches have occurred and Pioneer has informed clients of the developments over the past few days.

Cosimo Marasciulo, who is the head of government bonds at Pioneer, has taken on responsibility for European bonds, while the global chief of investment staff, Declan Murray, will lead portfolio construction.

Le Saout joined Pioneer in 1999 and was appointed as a head of government bonds and value-at-risk portfolios in Europe in 2004.

Meanwhile, Chabanne has worked at the asset manager since 2005 and was previously head of credit risk modelling with BNP Paribas for two years. He began his career at BNP Paribas in 1997 as a financial engineer.

The suspensions comes in the same week it was announced that Amundi has submitted a non-binding offer to purchase Pioneer, which is owned by UniCredit.

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