Pioneer Loses Head of U.S. Institutional Business

Pioneer Investments is seeing more departures as a possible sale looms.

Jack O’Connor, head of Pioneer’s U.S. institutional business, is leaving. His last day at Pioneer is Friday and he will begin a new, more expanded role at a rival fund firm next month.

Pioneer spokesman Geoff Smith confirmed the pending departure, saying that O’Connor is leaving to “pursue another opportunity in the institutional market. His replacement will be named shortly.”

O’Connor’s departure is the latest for Pioneer. Last week, peHUB reported that Stan Wasilauski, Pioneer’s chief technology officer, and Chris Chapin, vice president of technology, were both leaving.

Boston-based Pioneer has $250 billion in global assets under management, including $62 billion in the United States. In May, parent UniCredit Group announced it was considering options for Pioneer, including a possible sale.

While the auction is not expected to officially start until September, UniCredit is having problems getting bids for all of Pioneer, one fund executive says. The Italian bank wants to sell all of Pioneer but several bidders, like MFS Investment Management, are only interested in the U.S. operations, sources have said.

“Pioneer might have to be sold in parts,” the source says.