AmSouth, a Birmingham, Ala.-based regional bank with operations across the southeast, is selling its family of 23 mutual funds, with $5.5 billion of assets under management, to Pioneer Investment Management.

AmSouth is the second band to exit the mutual fund industry in the past week, following Citigroup's announcement last Thursday it is transferring its global money management division to Legg Mason. That $3.4 billion deal now makes Legg Mason the fifth-largest money manager and mutual fund operator in the U.S., with a total of $830 billion in assets under management.

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