The deal to sell the 23-fund, $5 billion in assets unit is expected to close in the third quarter. The report notes that the bank’s stock price rose 41 cents per share following the announcement. The bank intends to use the proceeds from the sale, which it expects will amount to $50 million pre-tax, for debt repayment and share repurchase, said the report.
AmSouth, based in Birmingham, Alabama, provides consumer and commercial banking, small business banking, mortgage lending, equipment leasing, annuity and mutual fund sales, and trust and investment management services. See www.amsouth.com . For more information on Pioneer Investments, go to www.pioneerinvestments.com .