Pioneer Investment Management announced today the launch of the Pioneer Global Value Fund, which is expected to begin operations on September 28. The fund will be jointly managed with Mercury Advisors, Merrill Lynchs U.S. sub-advisory unit.
Initially the funds asset will be allocated 50% in U.S. stocks and 50% in non-U.S. stocks, according to the company. Pioneer will manage the U.S. part of the fund, while Mercury will manage the foreign assets.
"The Pioneer Global Value Fund combines Pioneer Fund's long-standing value tradition with the international value expertise of Mercury Advisors," said Steven Graziano, president of Pioneer Funds Distributor.