UniCredit and Pioneer Investments said Wednesday that Pioneer CEO Sandro Pierri will step down at the end of January 2015.

Giordano Lombardo, Pioneer's deputy CEO and group chief investment officer, will take over after Pierri departs. He has been with Pioneer for 17 years and was largely responsible for managing global investments.

UniCredit CEO Federico Ghizzoni thanked Pierri for his service to the company and said Pioneer made impressive strides under Pierri's leadership, citing cumulative net in-flows totaling $29.8 billion. He also said he has confidence in Lombardo as a replacement.

"I am fully confident that Giordano and the rest of Pioneer's management team will continue to effectively manage the business and support Pioneer's clients and associates around the world. They have my full support," Ghizzoni said.

Pierri thanked the company for his time at the helm and said that with the help of a dedicated team, he was able to lead the company past its initial goals and will look back fondly at Pioneer and UniCredit.