IRELAND- Pioneer Investments has promoted its director of fixed income and balanced portfolio management Mauro Ratto to director of portfolio management following Riccardo Cavo’s move across to Pioneer Alternative Investments.

Previously the role was split between Ratto and Cavo, who looked after equity portfolio management in Europe. Cavo has moved to the alternative investments division to manage a new longsort European equity fund.

UniCredito, the Italian bank, completed the acquisition of the Boston-based Pioneer Group in 2000.

In his role, Ratto will assume responsibility for the e90bn in portfolios managed in Dublin.

Pioneer says the appointment brings Dublin in line with the other investments centres- Boston, Milan and Singapore, in that each one has a single head of portfolio management.

Heads of portfolio management, research and quant report to Giordano Lombardo, global chief investment officer.

Cavo’s new project is a new long/short European equity fund with a seed capital of e20m. Andrea Buda, previously head of European equities at San Paolo IMI Asset Management will manage the fund with Cavo.

The fund will invest in mid and large cap European equities and aims to produce annual returns of 12% with 8% volatility. It is regulated by the Central Bank of Ireland and is targeted at institutions, fund of funds and rich individuals. Minimum investment is e250,000.

Since the beginning of 2001, Pioneer has added fifteen sub funds to its Luxembourg umbrella fund, taking the total to 43.