Berkshire Hathaway and White Mountains Insurance Group, as freshly minted owners of Safeco Life & Investments, have decided to exit the mutual fund business, Reuters reported on Tuesday.

Pioneer Investments will take over the former 22 Safeco funds, worth $3.6 billion in assets.

The reorganization is contingent on a vote by Pioneer's directors and shareholders. Reuters reported that the reorganization, if approved, would be completed by the year's end.

Safeco announced it was putting its life and investments unit up for sale in September of 2003.  

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