The Pioneer Group of Boston, which currently manages $24 billion in assets, last week completed a spinoff of all of its non-investment management businesses and assets, the company announced

All operations and assets other than mutual funds, including natural resource and variable annuity businesses, have been spun off so that the company can now focus solely on asset management, said a company spokesperson.

Pioneer shareholders will receive certificates of ownership in the newly-formed company resulting from the spin-off, Harbor Global Company. Within five years, Harbor Global will then liquidate all assets and distribute the proceeds, the spokesperson said.

The spinoff is a result of the recent acquisition of Pioneer by UniCerdito Italiano Group of Milan, Italy's second-largest Italian banking group.

Pioneer is the manager of the Pioneer Fund, which was founded in 1928 and is the fourth-oldest fund in the United States.

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