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Monday, September 26, 2005

Pioneer Wraps Up Amsouth Deal

by: Sean Hanna, Editor in Chief

Pioneer Investment Management USA has completed its buyout of Amsouth's mutual fund management business. The deal was announced last June 27 and covers 23 mutual funds with approximately $5.2 billion in assets under management. The deal is Pioneer's fifth in the past two years.

Pioneer rebranded seven of the Amsouth funds and added them to its lineup. The other 16 Amsouth funds were merged into existing Pioneer funds.

The AmSouth transaction increases Pioneer's assets under management to approximately $48 billion as of today, said Osbert Hood, president and chief executive officer of Pioneer.

"In this competitive mutual fund industry, gaining scale by increasing assets under management is a key factor in being able to offer competitively priced products. As industry consolidation continues, we expect to take advantage of more opportunities to strengthen our business and serve our shareholders," he added.  

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