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Auerbach Grayson and Pioneer Securities team up in Russian market.

NEW YORK--(BUSINESS WIRE)--Jan. 28, 1997--Auerbach Grayson & Company and Pioneer Securities (Moscow) have formed a unique trading alliance that will allow U.S. institutions to tap the potential of Russia's emerging securities market.

This new research and trading relationship combines Pioneer's Moscow-based analysis of the Russian securities market with Auerbach Grayson's strong distribution capability in the United States. Pioneer Securities is a subsidiary of Pioneer First Russia, the holding company for the Russian financial services operations of The Pioneer Group, Inc. (NASDAQ:PIOG).

The Pioneer Group, Inc. acquired investment banking and brokerage operations in Moscow in early 1995, extending its presence in the financial markets of Central and Eastern Europe. "Pioneer has been a bold innovator in the creation and distribution of foreign market mutual funds in recent years, and has demonstrated a long-term commitment to Russia," explains Alexander Rappaport, President of Auerbach Grayson's Russian division. "We can depend on Pioneer for quality analysis and prompt execution of trades for our clients." Also excited about the alliance and anticipating a favorable reception in the United States is Andrei Danilenko, General Director of Pioneer Securities. "Pioneer's extensive knowledge of the Russian market and unique capability to source shares in Russia's regions will now be available to U.S. institutions through our alliance with Auerbach Grayson," says Danilenko.

Pioneer and Auerbach Grayson share the belief that U.S. institutions are eager to tap emerging capital markets in Eastern Europe and the former Soviet Union. "For a country of such vast natural resources, such a highly skilled workforce and so many eager consumers, Russia is attracting only a small portion of the U.S. investment flows it deserves," notes Christopher Smart, Pioneer Securities' Director of Research. "The market index more than doubled last year, and the potential for further growth is extraordinary."

Auerbach Grayson & Company is a member of the National Association of Securities Dealers (NASD). Having established a unique partnership of local brokers worldwide, it is the only firm in the U.S. whose business is providing direct research, execution and settlement on a local basis in foreign securities markets for major U.S. institutions. In the past year, Auerbach Grayson & Company provided specialized research on over 2,000 public companies in the more than 50 capital markets represented in their network of foreign brokers worldwide. Headquartered in New York and established in 1993, Auerbach Grayson is also the U.S. representative of the Russian Federal Property Fund, the agency responsible for privatizing Russian companies.

The Pioneer Group, Inc., headquartered in Boston, MA, manages over $15 billion in global assets in developed and emerging markets and has significant natural resource projects in Ghana and Russia. Long active in emerging economies, Pioneer has domestic financial service businesses in Russia, Poland, the Czech Republic and India, and was the first firm to launch privately managed mutual funds in Russia, Poland and India. Its financial services companies in Russia also include the advisor to a proposed $150 million direct equity fund, a bank, a shareholder services and registrar company. Pioneer also has a 51 percent interest in First Voucher Investment Fund, Russia's oldest and largest privatization fund, and owns the company that serves as investment advisor to the fund.

CONTACT: Auerbach Grayson & Company

Jonathan Auerbach, 212-557-4444

or

Pioneer Securities

Andrei Danilenko or Christopher Smart

7-095-956-6056
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Publication:Business Wire
Date:Dec 16, 1997
Words:551
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