Pioneer Investments reports that Craig D. Sterling has joined as senior vice president, head of equity research, U.S.
In this post, “he is responsible for managing Pioneer Investments’ team of 14 U.S. equity research analysts based in Boston,” the company says, adding that the analyst “team supports a wide range of equity strategies with approximately $29 billion in equity assets managed in the U.S. as of March 31, 2015.”
Craig previously was managing director and head of global equity research at EVA Dimensions, a New York-based equity research firm. He brings to Pioneer “extensive experience developing economic value added (EVA)-based equity research and implementing structure into the fundamental investment decision process,” say officials at the firm, characterizing EVA as an “alternative to standard accounting-based metrics such as earnings per share, net income, and EBITDA (earnings before interest, taxes, depreciation, and amortization).”
EVA measures a “company’s true profit by converting accounting profit to economic profit, reversing accounting distortions, and measuring the dollar value of profit after all costs, including the cost of giving shareholders a fair return on invested capital. A focus on invested capital and value creation, key components of EVA, have been part of Pioneer Investments’ equity research process for many years,” according to the company statement.
“Craig’s approach to equity valuation is very much aligned with Pioneer Investments’ established practices, and he brings experience and perspective that can add tremendous value to our research team,” Marco Pirondini, Pioneer’s head of equities, U.S., says in the statement, which also notes that, on May 29, Sterling will become a portfolio manager on the Pioneer Investments’ research-based U.S. equity strategies. From that point forward, Paul Cloonan and John Peckham, currently co-heads of U.S. equity research, will focus on portfolio management, Pioneer adds.
“Paul will focus exclusively on U.S. large-cap growth equity portfolio management. John will focus on U.S. value equity portfolio management,” according to the statement.
Pioneer Investments, founded in 1928, is the trading name of the Pioneer Global Asset Management S.p.A. group of companies. Pioneer Global Asset Management S.p.A. is a wholly-owned subsidiary of UniCredit S.p.A.
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