Pioneer Investment Management, Inc. said today that it will double the number of sales regions it is manning to four from two as part of an effort to "reinvest" into and "broaden" its distribution channels. Prior to the restructuring its sales force had been divided into the East and West under divisional managers
William Spencer and
Mark Kiniry.
The new structure will feature four regions: the southeast under Spencer, the northeast under
Nate Algiere, the western region under
Sherwood "Woody" Harris, and the central under
Jeffrey Saunders. All four regions will report to a new national sales manager. The spokesperson declined to name the new sales head but said that the position had been filled and will be announced in a "few weeks." All of these positions ultimately report to
Steve Graziano, president of Pioneer Funds Distributors.
Algiere, Harris and Saunders were all promoted to senior vice president and divisional manager as part of their promotion from regional wholesalers. Kiniry left the firm, according to a spokesperson.
In their new roles they will be responsible for strengthening and expanding Pioneer's relationships with national and regional broker-dealers, financial planning firms, and insurance company broker dealers.
Pioneer will support the changes by adding 30 positions to its sales team, ultimately expanding it to 80 members from 50. Among the additions, which will come primarily from external hires, will be 15 regional vice presidents responsible for broker-dealer relationships in the field and 15 regional sales specialists supporting these individuals internally.
"This is a very exciting and important step for Pioneer," said Graziano. "Our sales force plays a key role in our growth strategy, and the expansion of our sales regions sets the stage for Pioneer's future as a leading force in the mutual fund industry. I am confident that the promotion of veteran sales professionals such as Nate, Woody and Jeff, coupled with the addition of seasoned sales representatives, will help us reach our goal of $10 billion in annual sales by 2003."
The spokesperson said that the firm is in "active search mode" to fill the positions.
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