Okay I dug around, and it seems that there's a CreatePivot() command! All you need to do is make the Pivot (let's call it Sword_Pivot) at the centre of the sword mesh, and then parent the sword to it. you then move the sword by moving Sword_Pivot. When you rotate the pivot, it ought to rotate the Sword also.
However, it would probably be much better if you located the Axis (pivot) of the mesh itself properly in the 3D modeler you're using.
However, it would probably be much better if you located the Axis (pivot) of the mesh itself properly in the 3D modeler you're using.