Pioneer Investment Management USA Inc. ("Pioneer") today announced that it successfully completed the acquisition of the mutual fund management business of AmSouth Bancorporation (NYSE:ASO) ("AmSouth"). The transaction involves 23 mutual funds with approximately $5.2 billion in assets under management. Pioneer's investment advisory subsidiary, Pioneer Investment Management, Inc., and AmSouth announced the signing of a definitive agreement in June for the purchase price of $65 million.
Dario Frigerio, Head of Private Banking and Asset Management Division of UniCredito Italiano S.p.A. ("UniCredit") and Chief Executive Officer of Pioneer Global Asset Management S.p.A. ("Pioneer Investments"), said, "Growing our assets and our capabilities in the U.S. is an important part of our strategy to build Pioneer Investments into a leading global asset manager, and the AmSouth transaction is a testament to our continuing success in the U.S. Since UniCredit acquired Pioneer in 2000, U.S. assets under management have grown approximately 128%, to the current level of $48 billion, and global assets under management grew from $121 billion to $181 billion at August 31, 2005. We expect this growth to continue as we expand our global reach."
Pioneer will continue to work closely with AmSouth in its ongoing efforts to serve its customers investing in Pioneer funds.
Sixteen of the former AmSouth funds were reorganized into existing Pioneer funds with generally similar investment objectives and strategies, while the following seven AmSouth funds have become new Pioneer funds:
- AmSouth Balanced Fund became Pioneer Classic Balanced Fund
- AmSouth Select Equity Fund became Pioneer Focused Equity Fund
- AmSouth International Equity Fund became Pioneer International Core Equity Fund
- AmSouth Florida Tax-Exempt Fund became Pioneer Florida Tax Free Income Fund
- AmSouth Government Income Fund became Pioneer Government Income Fund
- AmSouth Treasury Reserve Money Market Fund became Pioneer Treasury Reserves Fund
- AmSouth Institutional Prime Obligations Money Market Fund became Pioneer Institutional Money Market Fund
Pioneer is the North American operating subsidiary of Pioneer Global Asset Management S.p.A. ("Pioneer Investments"), a global investment management group wholly owned by UniCredito Italiano S.p.A. Pioneer Investments operates offices in 16 countries and, as of August 31, 2005, managed over $181 billion in assets, approximately $43 billion of which was managed in the U.S.
Pioneer Funds Distributor, Inc., is the Underwriter and Distributor for Pioneer mutual funds, 60 State Street, Boston, MA 02109, Member SIPC, Member of the UniCredito Italiano Banking Group, Register of Banking Groups.
©2005 Pioneer Investment Management USA, Inc.