WEST PALM BEACH, FL (HedgeCo.Net) – According to Bloomberg reports, Pioneer Alternative Investments, [PAI] has shut down the Pioneer Global Macro Fund following the recent losses in the fund. Theglobal macro strategy trades currency and interest rates, and other derivatives. The fund has had many difficulties this year, and according to news reports the strategy has lost 7.3% during thefirst eight months of the year. The fund manages about 51million-euros.
The Portfolio manager of the fund, Peter Cripwell resigned as the chief investment officer of the fund in March. He was replaced with Pioneer�s investment supervisor, Luca Mengoni. According to the report, Cripwell remains with Pioneer Investments in a different post, managing the company�s Global Opportunities Fund. That fund is reportedly down by 5.8% during the first eight months of the year.
Pioneer Alternative Investments (PAI) was formed in 1998 as part of Pioneer Investments� aggressive growth strategy, recognizing the increasing importance of the alternative investments industry. Since then, PAI has built up a comprehensive range of alternative investment products including single strategy and multi-manager funds.
The flagship single strategy fund, Pioneer Global Opportunities Plc, was the first European based hedge fund to receive a fund rating from Standard & Poor�s, according to PAI statement. Pioneer Alternative Investments manages total assets in excess of EUR 2.9 billion as at end of March 2004.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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