UniCredito Italiano, a Milan-based banking group, completed its...

UniCredito Italiano, a Milan-based banking group, completed its acquisition of Pioneer Group. The $1.2 billion deal was approved by the Federal Reserve Board Monday, following shareholder approval Sept. 29. Pioneer also completed its spinoff of Harbor Global, which housed Pioneer’s non-investment management endeavors, including timber harvesting and real estate management. "Pioneer wants to focus on the core asset management business,” said Tara Pescatore, Pioneer spokeswoman. Pioneer shareholders will receive certificates of ownership in the new company, which will operate its businesses with the purpose of liquidating the assets and distributing proceeds to shareholders within five years, she said.