Pioneer plans Sicav

Man umbreallaPioneer Investments said it planned to launch a Luxembourg-domiciled UK-registered Sicav through a Ucits IV next month.

Its existing main international umbrella is a Fonds Commun de Placement. This structure, however, has certain tax drawbacks that do not apply to the Sicav.

David Hanratty, head of UK and Ireland distribution: “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.”

Earlier this month, Brian Clay was hired as head of UK wholesale business.

The launch is subject to regulatory approvals.

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