Daniel T. Geraci was named executive vice president of The Phoenix Cos. asset management business and CEO and president of Phoenix Investment Partners, its investment management subsidiary. Mr. Geraci replaces Philip McCoughlin, who retired last year but stayed with the firm as a consultant while his replacement was sought, said Jody Beresin, a spokeswoman.
Mr. Geraci was president and CEO of Pioneer Investment Management USA. Tara Pescatore, a Pioneer spokeswoman, said the U.S. divisions management committee, which had reported to Mr. Geraci, will run day-to-day operations and report to Dario Frigerio, CEO of Pioneer Global Asset Management, until Mr. Geraci is replaced. Pioneer is conducting a search for a new CEO.
Separately, Pioneer Investment Management USA is not up for sale by its parent, UniCredito Italiano, contrary to industry rumors, said Ms. Pescatore. "Weve been hearing the same rumors and they are completely untrue, she said. "Our parent company is pleased with Pioneers performance, and the plan is to expand the U.S. business through selective acquisition and organic growth.