Pioneer Global Asset Management, the asset management subsidiary of UniCredito Italiano, has completed its acquisition of Momentum group, the fund of hedge funds manager, for $110m (€109.6m).

The move is part of Pioneer's continuing efforts to make an impact on the alternative investment scene. It also marks the firm's first foray into the global multi-manager market. Up until now, the firm has focused solely on single-manager and single-strategy funds and Italian domiciled funds of hedge funds.