Elena Ranguelova joined Investcorp's hedge fund unit as principal and head of credit and equity strategies.
Ms. Ranguelova's position is new and brings with it oversight of the firm's investments in emerging managers' hedge funds and in its seeding activities with individual managers, confirmed James Cheston, an Investcorp spokesman, in an e-mail.
Ms. Ranguelova was global head of credit and event-driven strategy research at Pioneer Investments. Geoffrey Smith, a spokesman for Pioneer, did not respond to a request for information about Ms. Ranguelova's replacement by press time.
Investcorp's hedge fund group managed $4.2 billion as of June 30.