Pioneer Alternative Investments, Unicredito Italiano's Dublin-based alternative investment arm, is to launch its second offshore hedge fund in January, run by Reza Hadizad.

Unicredito Italiano will seed Pioneer Global Equity Arbitrage, a merger arbitrage fund, with €20m ($19m), said Paolo di Montorio-Veronese, Pioneer's chief marketing officer. The fund will also invest in special situation strategies.