Boston-based Pioneer Investment Management will acquire New York-based Cullen Capital Management's Cullen Value Fund, pending shareholder approval. Officials expect the acquisition to close in early 2005. The news was announced in a release on Monday.

The Cullen Value Fund has approximately $38.3 million in assets.

Pioneer officials said they would reorganize the fund into a new Pioneer fund, but retain Cullen Capital Management as the subadvisor.

"I expect financial advisers and their clients who are in search of a large-cap value alternative to take note of this fund," stated Mark Goodwin, senior vice president, chief financial officer and treasurer of Pioneer. 

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