US/LUXEMBOURG – Global financial services company, Pioneer Investments, has appointed Citigroup Global Securities Services as global custodian to its $30bn (€30.3bn) Luxembourg-domiciled mutual fund business.

The Pioneer mutual fund range comprises 42 funds invested in 412 different share classes and the appointment means Citigroup now handles over $5trn (€5.1trn) in global assets under custody.

Pioneer selected Citigroup following a recent RFP which attracted all the major global custodians.

Pioneer Investments, which is a trading name of the Milan-based Pioneer Global Asset Management Group, itself part of the UniCredito Italiano banking group, has over €111bn in global assets under management.

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