Amundi's Benedetti Joins Exodus to Ex-Pioneer CEO Fund

(Bloomberg) -- Amundi SA’s distressed-debt portfolio manager Stefan Benedetti is leaving the French firm to join a fund set up by his one-time boss, according to people familiar with the matter.

Benedetti joins Threesixty Investments Sgr, the Milan-based fund created by Giordano Lombardo, who was chief executive officer of Pioneer Investments before Amundi took it over from UniCredit SpA three years ago, the people said.

Read more: Amundi Departures Since Pioneer Purchase Grow as Marshall Exits

Based in London and reporting to co-chief investment officer Mauro Ratto, he will focus on high-yield and distressed debt as a senior portfolio manager, according to the people, who asked not to be named discussing private information.

Representatives for ThreeSixty and Benedetti declined to comment. A spokesperson at Amundi confirmed Benedetti is leaving the firm and his responsibilities will be shared by portfolio manager Jing Nie and Yerlan Syzdykov, who is global head of emerging markets, along with the rest of his team.

Several former Pioneer fund managers, including Ratto, Diego Franzin, Robert Richardson and Marco Mencini, have joined ThreeSixty since Amundi took over the company. The fund is a partnership with Italy’s largest insurer Assicurazioni Generali SpA, which provided 1 billion euros ($1.1 billion) in funds in February.

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