The asset manager, which has been acquired by Amundi in a landmark €3.54bn (£2.97bn, $3.74bn) deal announced on Monday, has confirmed that Tanguy Le Saout, head of European fixed income, and Ali Chabaane, head of portfolio construction, have resigned with immediate effect.
Pioneer said that two human resource officials named as co-defendants in the case, Ciara McCarville and Mary Fitzpatrick, have also resigned with immediate effect.
Last week, the company confirmed that the pair had been suspended over claims they had been involved in efforts to set up another asset management company.
An Irish court heard on Friday that Saout and Chabaane had lost entitlement to deferred payments of €6m and €2m, respectively, although the financial terms of their departure is still unclear, reported The Irish Times.
In court documents, Pioneer claimed the alleged activities of the defendants had potential to cause “very serious harm” to the company, particularly while its parent, Italian bank UniCredit, was trying to sell the unit.
Pioneer added the defendants planned rival firm had a business plan to accumulate €5bn in assets under management within five years.
The company said a court order will be issued next week to redress any advantage aid Saout and Chabaane might have obtained in trying to set up a competing business.
“Any actions that violate our corporate values and trust, loyalty and teamwork must be responded to, irrespective of the circumstances,” said Giordano Lombardo, chief executive and chief investment officer at Pioneer.
“We have taken decisive action in this instance in order to protect our commercial best interests and have ensured that no client assets were adversely affected and no compliance breaches took place.”
Cosimo Marasciulo, head of European government bonds, and Declan Murray, global chief of staff for the investment division, will “provide guidance and leadership to the portfolio construction team,” added the company.
