Funds Managed By Pioneer Asset Management Set To Merge

The capital market regulator has suspended the continual issuance and redemption of share in the open-end investment funds "Europa Obligatiuni" and "Stabilo" managed by Pioneer Asset Management to allow the merger of the two funds, both of which are dedicated to fixed-yield bonds.

Investors will be able to fully redeem the shares they hold in "Europa Obligatiuni" and "Stabilo," NewsIn reported. The suspension of continual issuance and redemption becomes effective 15 days after the notification by the National Securities Commission (CNVM) to Pioneer Asset Management.

The two funds managed by Pioneer Asset Management are dedicated to investments in fixed-yield bonds and reported assets of 23.8 million RON at the end of last year. Their merger is part of a portfolio reorganization process, which Pioneer Asset Management has started in all the countries where they operate.

Pioneer Asset Management last year completed the merger with the investment funds Premio and Integro, whose assets reached 8.3 million RON at the end of December 2008. The overall value of the assets managed by Pioneer Asset Management at the end of last year was 36.1 million RON, placing the fund seventh among open-end investment fund management companies in Romania with a market share of 3.8%.

Pioneer Asset Management is 96% controlled by Pioneer Global Asset Management, the asset management arm of Pioneer Investments. Pioneer Investments is part of UniCredit Group and manages investment funds whose assets exceed 200 billion EUR.