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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