Pioneer Group of Boston has purchased five mutual funds in the Czech Republic currently owned and operated by Credit Suisse Asset Management's investment management unit in the Czech Republic, Pioneer Group has announced. Terms of the sales were not disclosed.
The five open-end funds currently have the equivalent of a total of $20 million in assets. The funds will be merged into the Pioneer Trust, a balanced fund with $120 million in assets under management. Pioneer co-manages the fund from its Boston and Prague offices. Pioneer Trust was launched in November 1995.
The merger will take place within the next six to nine months, pending approval of Czech Republic securities regulators, said a Pioneer spokesperson. The fund will be offered to Czech Republic citizens.