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Pioneer Picks Up New CEO From Fidelity

Pioneer Investment Management has named Daniel Geraci, the president of Fidelity Investments' private wealth division, as its new CEO. Geraci replaces David Tripple, who stepped down as Pioneer's CEO at the end of last month.

Geraci will report to Dario Frigerio, CEO of Pioneer Global.

Tripple's resignation was related to Pioneer's acquisition by UniCredito, the Milan-based bank that picked up the firm last October for an estimated $1.2 billion. Pioneer's existing structure is "not what he had hoped for," according to a company spokeswoman.

As CEO, Geraci will be responsible for leveraging UniCredito's European capabilities with Pioneer's U.S. operations as to well as "make an important strategic contribution to our global mutual funds and wealth management businesses," Frigerio said.

Prior to being named president of Fidelity's private wealth unit in 2000, Geraci served as head of marketing and distribution at Fidelity's institutional business from 1998 and for its Canadian operations from 1996.