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BofA’s Upadhyaya Leaves to Head Currency Investment at Pioneer

Paresh Upadhyaya, head of Americas Group of 10 currency strategy at Bank of America Corp., said he is leaving the firm to become director of foreign exchange at Pioneer Investment Management Co.

Upadhyaya will leave Bank of America tomorrow and join Pioneer in Boston on Dec. 27, he said in a telephone interview. Rinat Rond, a spokeswoman for Bank of America, and Geoff Smith, a spokesman for Pioneer, declined to comment on the move.

Upadhyaya, 40, joined Bank of America last year from Putnam Investments, where he helped oversee $21 billion in assets. He worked in New York under David Woo, head of global rates and currencies research at the company.

At Pioneer, which managed $231 billion of assets as of Oct. 31, Upadhyaya will be in charge of building a process that will help the firm devise a more active currency strategy to both hedge against investment risk and provide a profit for the company in its own right.

“I’m very excited by this opportunity to really build a process and eventually build a product, which is something that I’m going to find interesting as well as a challenge,” Upadhyaya said.

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