Pioneer Investment Management of Boston has purchased the tiny $8.8 million Third Avenue High Yield Fund from EQSF Advisers, the New York-based adviser to the five fund Third Avenue Trust fund complex, for an undisclosed amount. As part of the arrangement, Margaret Patel, the fund's current portfolio manager, will continue to manage the fund. Pending approval of Third Avenue High Yield fund shareholders, the fund will become the Pioneer High Yield Fund.

Pioneer chose to buy high yield bond fund capability rather than building its own because of the fund's solid track record, said Sherman Russ, senior vice president and co-head of Pioneer's income team.

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