The weight of too much money is the biggest challenge facing many of the largest money managers, said Christopher Abbott, new managing director for Pioneer Global Institutional Advisors.
Top executives across all industries are leaving mammoth U.S. companies to join smaller groups that can maneuver quickly and grasp new business opportunities. In the smaller companies, there is room to make a difference.
Mr. Abbott is assembling an institutional team at 70-year-old The Pioneer Group, Boston, that he hopes will be nimble and quick.
Pioneer has $24 billion in total assets under management, which is not much compared with total assets managed by Pioneer's contemporaries -- longtime Boston money managers Putnam Investments with $235 billion and Fidelity Investments with $635 billion.
Pioneer has not pushed hard for institutional investment business, and has only about $1 billion under management. But last fall, Pioneer hired an institutional sales team to move back into the area.
And Pioneer's moderate size will be beneficial, Mr. Abbott said.
He speaks with experience; he was a senior vice president and account executive in the institutional management team at Putnam for seven years before joining Pioneer.