As Safeco Asset Management
awaits a shareholder vote this fall to approve Pioneer Investments
as the new advisor, the Seattle money manager provided further details on its interim agreement with Pioneer.
The fund family's trustees approved the interim agreement with Pioneer effective last Monday, and recently issued an update
to the funds' prospectus.
As part of the agreement, Safeco subadvisors RCM Capital Management
and Bank of Ireland Asset Management
will lose their contracts for the Large-Cap Growth Fund and the International Stock Fund, respectively.
If shareholders approve the move, 15 of Safeco's funds will be merged into 13 Pioneer funds. Safeco's entire 22 fund family has approximately $3.6 billion in assets. It is unclear if the remaining seven funds are different share classes of the 15 funds or institutional funds.
Safeco spokesman Le Roi Brashears did not immediately return a call seeking comment.
Safeco sold its Life and Investments unit, which included SAM, in March to Berkshire Hathaway and White Mountains Insurance Group.
The new owners decided to exit the fund business in early August, selling to Pioneer.
| Bye Bye Birdie |
| Safeco Mutual Fund || Pioneer Mutual Fund || Pioneer Managers |
| Safeco Large-Cap Value Fund || Pioneer Value Fund || J. Rodman Wright |
| Safeco Core Equity Fund || Pioneer Fund || John Carey |
| Safeco Large-Cap Growth Fund || Pioneer Growth Shares || Christopher Galizio |
| Safeco Multi-Cap Core Fund || Pioneer Mid Cap Value Fund || J. Rodman Wright |
| Safeco Small-Cap Value Fund || Pioneer Small Cap Value Fund || David Adams |
| Safeco Growth Opportunities Fund || New Pioneer Fund || John Carey, Walter Hunnewell Jr., Andrew Acheson |
| Safeco Balanced Fund || Pioneer Balanced Fund || Timothy Mulrenan, Richard Schlanger |
| Safeco International Stock Fund || Pioneer International Equity Fund || Christopher Smart |
| Safeco Municipal Bond Fund || New Pioneer Fund || Kenneth Taubes & team |
| Safeco Intermediate-Term Municipal Bond Fund || Pioneer Tax Free Income Fund || Kenneth Taubes & team |
| Safeco California Tax-Free Income Fund || New Pioneer Fund || Kenneth Taubes & team |
| Safeco Intermediate-Term U.S. Government Fund || Pioneer America Income Trust || Kenneth Taubes & team |
| Safeco Intermediate-Term Bond Fund || Pioneer Bond Fund || Kenneth Taubes & team |
| Safeco High-Yield Bond Fund || Pioneer High Yield Fund || Margaret Patel |
| Safeco Money Market Fund || Pioneer Cash Reserves Fund || Kenneth Taubes & team |
|Source: Prospectus update |
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