Sept. 18, 2003 — Pioneer Investment Management Inc. said it will take over management of four Papp mutual funds under terms of a preliminary agreement reached with L. Roy Papp & Associates LLP.
The Papp funds — Papp Small & Mid Cap Growth Fund (PAPPX), Papp America: Pacific Rim Fund (PAPRX), Papp Stock Fund (LRPSX) and Papp America: Abroad Fund (PAAFX) — total $140 million in assets under management.
The current Phoenix-based portfolio managers, Roy Papp and Rosellen Papp, would continue to manage these funds for Pioneer on a sub-advisory basis.
According to Rosellen Papp, a fifth mutual fund, Papp Focus Fund, will not be involved in this transaction. No decision has yet been made on the future of this $1.8-million portfolio, she noted. She also indicated that the funds’ investment approaches and objectives will not change.