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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • 11 RMK Select Funds (Regions Financial Corporation)
  • Pioneer Investment Management, Inc.
  • Mutual Fund
  • January 22, 2009
  • $2 Billion

Seller Details

Regions Financial Corporation, with $146 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices.

Buyer Details

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 29 countries and approximately $206 billion in assets under management as of December 31, 2008, of which approximately $50 billion was managed in the U.S. Founded in 1928, its flagship mutual fund, Pioneer Fund, is the third-oldest mutual fund in the U.S. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., which is a wholly-owned subsidiary of UniCredit S.p.A. Pioneer Investment Management, Inc. is the firm's U.S. investment advisory subsidiary.

Transaction Summary

Eleven RMK Select Funds with approximately $2 billion in assets under management will be reorganized into mutual funds managed by Pioneer with generally similar investment objectives, strategies and risks.

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