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AmSouth Agrees to Sell Mutual Fund Management

Pioneer Investments informs that on June 27th its fully owned subsidiary Pioneer Investment Management, Inc. has signed a definitive agreement with AmSouth Bancorporation (NYSE:ASO) to acquire AmSouth's mutual fund management business for total consideration of $65 million.
Closing of the transaction is subject to AmSouth fund shareholder and regulatory approval, the companies inform that the Board of Trustees of the AmSouth Funds is expected to recommend that fund shareholders vote to approve the transaction.
The AmSouth Funds comprise 23 mutual funds with $5.5 billion in assets under management.
The AmSouth Funds will be reorganized into Pioneer Funds with generally similar investment objectives and strategies, subject to fund shareholder and regulatory approvals.

About AmSouth
     AmSouth is a regional bank holding company with $50 billion in assets, more than 685 branch banking offices and 1,240 ATMs. AmSouth operates in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia. AmSouth is a leader among regional banks in the Southeast in several key business segments, including consumer and commercial banking, small business banking, mortgage lending, equipment leasing, and trust and investment management services.

About Pioneer Investments
     Pioneer Investment Management, Inc. is the U.S. advisory subsidiary of Pioneer Global Asset Management S.p.A. ("PGAM"), a global investment management group and wholly owned by UniCredito Italiano S.p.A. The PGAM companies operate offices in 16 countries and manage over $175 billion in assets, approximately $42 billion of which is managed in the U.S., as of April 30, 2005.
For further informations:
Pioneer Investment Management SGRpA
Galleria San Carlo, 6 - 20122 Milano
Tel. +39 02/7622.1   Fax. +39 02/7622.4901