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Rating:Pioneer Sells Back Its Stake In a $4.2B Shop Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 6, 2014

Pioneer Sells Back Its Stake In a $4.2B Shop

News summary by MFWire's editors

Oak Ridge Investments is striking out on its own.

Earlier this week the Chicago-based $4.2 billion firm repurchased the 49 percent stake Boston-based Pioneer Investments held in Oakridge, P&I reports.

The two Pioneer funds that Oak Ridge sub-advises, the Pioneer Oak Ridge Small Cap Growth Fund and the Pioneer Oak Ridge Large Cap Growth Fund, will be rebranded under Oak Ridge's name, though the PM will remain the same. Those funds grew to $2.2 billion from $24 million at the beginning of the partnership in 2005.

David Klaskin, founder and CEO of Oak Ridge, said he plans to continue to expand Oak Ridge's product lineup and that the partnership with Pioneer will help in terms of distribution.

Pioneer, a $249 billion firm that's headed by CEO Sandro Pierri, has also been growing organically and plans to continue to do so by adding new products and staff.  

Edited by: Anastasia Donde

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