The sale of Safeco’s life insurance unit to investors, including Berkshire Hathaway and the White Mountains Insurance Group, closed at the end of July for $1.5 billion. The new owners have renamed the unit Symetra Financial, according to a report in The Seattle Times.

Safeco Asset Management, which manages the company’s mutual funds, is being shut down by its new owner. Reuters reports that the funds are now being managed by Pioneer Investments and will become part of the Pioneer fund family, pending shareholder approval.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.