Pioneer Investments has announced that Tanguy Le Saout and Ali Chabaane, respectively head of European Fixed Income and head of Portfolio Construction, have resigned from Pioneer with immediate effect after they have been suspended by the firm amid rival set up claims.
Pioneer said that on 13 December 2016, both Le Saout and Chabaane “will consent to the orders of the Dublin High Court that effectively redress any advantage they might have obtained due to their conduct in seeking to launch a competing asset management business.”
The firm added there were no negative impact on client assets or accounts and that no other investment professionals were involved.
It is understood two other human resources employees, linked to the duo’s action, will also consent to the orders of the Dublin High Court and have also resigned with immediate effect.
Giordano Lombardo, CEO and Group CIO of Pioneer Investments, commented “Any actions that violate our corporate values of trust, loyalty and teamwork must be responded to, irrespective of the circumstances. We have taken decisive action in this instance in order to protect our commercial best interests and have ensured that no client assets were adversely affected and no compliance breaches took place.”
Following the resignations of Le Saout and Chabaane, Cosimo Marasciulo currently head of European Government Bonds, has been appointed as head of European Fixed Income and Declan Murray, currently global vhief of staff for investments at Pioneer, to provide guidance and leadership to the portfolio construction team.