A subsidiary of Italian banking giant Unicredit, Pioneer Investment Management USA offers investment management services to individual and institutional investors. With more than $70 billion in assets under management, the firm and its subsidiaries act as an investment manager and distributor for about 50 mutual funds invested in domestic and international equities, fixed-income products, and asset allocation strategies. Other products include closed-end funds, variable annuities, individual retirement plans, and 401(k) plans for small businesses. Its flagship Pioneer Fund, established in 1928, is one of the oldest in the US.