Pioneer Investment Management USA has found an executive to replace Dan Geraci. In a surprise move last month, Geraci left the Boston-based investment arm of UniCredito Italiano Banking Group to take the CEO job at Phoenix Investment Partners. To fill the open position Pioneer has promoted Osbert Hood.

Hood has been chief operating officer at Pioneer US and is a member of the senior management committee at Pioneer. He joined Pioneer from John Hancock Advisers in November 2000, just after UniCredito Italiano purchased The Pioneer Group. Hood was executive vice president, chief financial officer and treasurer at the Hancock unit.

Hood will report to Dario Frigerio, chief executive officer of Pioneer Global, and will direct the strategy of Pioneer USA, according to Pioneer officials.

"As one of the early members of Pioneer US's veteran management team, Osbert brings continuity to the role of CEO, which is ideal for the future growth of Pioneer," said Frigerio in a statement. "In his role as COO, Osbert has exhibited strong business judgment and we believe he is the best person to bring the firm to the next level. As a Director of our global holding company, we also expect Osbert can make an important strategic contribution to our global mutual funds and wealth management businesses."

"I'm honored and excited to have the opportunity to lead Pioneer US as it continues to grow," added Hood. "We have a great senior management team in place and I look forward to continuing to work with them in my new capacity to bring Pioneer future successes."  

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