MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Friday, August 13, 2004 Safeco Maps Out Pioneer Transition 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.
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