Pioneer approaching Taiwan distributors directly

Pioneer Investments’ subsidiary in Taiwan has, since October 15, been able to sell funds directly via Taiwanese distributors. ING Securities Investment & Trust previously handled the firm’s fund distribution sales as its master agent.

As a master agent, Pioneer Investments Taiwan can market its 21 offshore registered funds directly through the country's banks. Its products include a range of equity, fixed income, absolute return and multi-asset strategies.

In the past three years, the firm has raised €2 billion ($2.8 billion) from retail investors in Taiwan. And Jack Lin, Singapore-based head of Asia and Middle East, notes Pioneer “remains excited” about fundraising opportunities in the country, but he was unavailable for further comment. A spokesman declined to provide more information.

Pioneer, which manages €165 billion in global AUM, has been focused on expanding its presence in Taiwan for a number of years. Since opening an office in 2006, it has grown its retail sales team to eight-strong today and is now the sixth largest foreign fund house in Taiwan in terms of AUM.

Lin joined Pioneer’s Singapore office from Janus Capital in January 2012 to help spearhead the business development efforts in the region. The firm also has offices in Japan and Korea.

As of August, only 3% of the firm’s assets, or about $6.6 billion, were sourced from Asia Pacific, although the firm noted at that time that growing its investor base was a priority.

Examples of other foreign firms operating in Taiwan include BNP Paribas Investment Partners Taiwan, which has a master agent licence, while Amundi works with SinoPac and Natixis Global Asset Management with Fubon.