is jumping to Phoenix Companies from Pioneer Global Asset Management. The forty-five year old president and CEO of Pioneer Investment Management USA
will leave Pioneer at the end of April and take the top job at Phoenix Investment Partners
in mid-May. Pioneer officials said that no replacement for Geraci has been named "at this time" and that its U.S. Management Committee will now report directly to Dario Frigerio, chief executive officer of Pioneer Global Asset Management.
The surprise announcement was made by this morning by Hartford-based Phoenix Companies and confirmed by Pioneer officials.
Geraci said in a statement that Phoenix offered "a wonderful opportunity to join a company with a great franchise and reputation." "And I'm excited to explore new ways for furthering Phoenix's wealth management strategy and meeting the specialized investment and insurance needs of the advisors it serves and their affluent and high-net-worth customers," he added.
Phoenix officials said that Geraci will become president and chief executive officer of its asset management subsidiary, Phoenix Investment Partners and head its asset management business.
"Dan brings to Phoenix an impressive record of strategic leadership and performance with proven expertise in building new capabilities, developing product and expanding distribution," said Dona D. Young
, chairman, president and chief executive officer of The Phoenix Companies in a statement. "His first priority will be to increase profitability and margin growth for the asset management segment of our business, which is a fundamental component of our wealth management strategy."
Geraci held the top post at Pioneer Investments since November 2001 when he replaced David Tripple. He joined Pioneer from Fidelity Investments where he served in Boston and Canada from 1996 to 2001.
From 2000 to 2001 he was president of Fidelity's Private Wealth Management Group in Boston and from 1998 to 2000 he directed distribution and marketing for Fidelity Investments Institutional Services Company in Boston. He led distribution and marketing for Fidelity Investments Canada in Toronto from 1996 to 1998.
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