Pioneer Acquires Two Oak Ridge Funds

September 23, 2003 ( - Pioneer Investments Management Inc. has reached a preliminary deal to acquire two Oak Ridge mutual funds.

The two funds, the Oak Ridge Large Cap Equity Fund and the Oak Ridge Small Cap Equity Fund have approximately $24 million in aggregate assets under management.   Per the agreement, Oak Ridge will remain subadvisor for the two funds, according to a news release.

The Large Cap Equity Fund focuses on the equities of profitable companies with market capitalizations greater than $3 billion, while the Small Cap fund seeks to invest in fast growing, profitable small companies.   Both funds are currently managed by Oak Ridge co-founder David Klaskin, who is expected to be retained as fund manager for both.

The transactions contemplated by the agreement are subject to the approval of the funds’ shareholders and Board of Trustees, as well as Pioneer funds’ Board of Trustees.   Terms of the deal were not disclosed.