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Pioneer Investments has poached Brian Stack from Boston-based Long Trail Investment Management to be the new portfolio manager on its $312m (£178m) Growth Opportunities fund and its $370m Growth Opportunities VCT.

Mr Stack, who began running the portfolios on 3 September, will be based in the Boston office of Pioneer Investments. He will head a three-person, US small-cap growth team while being supported by Pioneer's global research staff to provide qualitative research on companies.

The funds' previous managers Peter Wiley and Diego Franzin will stay with the company. Mr Wiley will remain a member of the US Small-Cap Growth team and manage the Pioneer Small Cap Value fund, while Mr Franzin has been promoted to head of global quantitative research.

At Long Trail, Mr Stack was a small and mid-cap equity hedge fund manager. Prior to that, Mr Stack co-founded Cyllenius Capital Management, a small and mid-cap equity hedge fund that was acquired by BlackRock. Before that, Mr Stack worked at MFS Investment Management from 1993 to 2001.

He will report to Kenneth Taubes, head of US portfolio management.

Of Mr Stack's appointment, Mr Taubes said: "Brian has 21 years of industry experience and has had tremendous success over his career managing small and mid-cap growth strategies. He is a highly respected specialist in his field and a welcome addition to the Pioneer Investments team."

The Growth Opportunities fund has a minimum investment of $1000, while the management fee is 0.65 per cent.

Currently its portfolio allocation is set at 92.1 per cent equities, 6.6 per cent cash and 1.3 per cent international equities.