Pioneer Investment Management USA (known as Pioneer Investments) puts clients on the trail to investment management discovery. Serving individual and institutional investors, the firm and its subsidiaries act as an investment manager and distributor for investment options including 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 retirement plans for small businesses. The company's flagship Pioneer Fund, established in 1928, is one of the oldest in the US. The firm is a subsidiary of Italian banking giant Unicredit.