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September 29, 2003 at 08:00 PM
Sept. 23, 2003 — Pioneer Investment Management Inc. said it has reached a preliminary agreement to buy the two Oak Ridge mutual funds, which have about $24 million in assets. Financial terms were not disclosed.
In the transaction, Pioneer would acquire the $15.5 million Oak Ridge Small-Cap Equity/A (ORIGX) and the $8.5 billion Oak Ridge Large-Cap Equity fund. David Klaskin, who runs both funds, would continue as their portfolio manager.
Classified as a mid-cap growth fund by Standard & Poor’s, the Oak Ridge Small-Cap Equity fund returned 28.3%, versus a gain of 25.6% by its peers, this year through August. For the five years ended last month, the Oak Ridge fund returned an average annualized 11.3%, versus a 7.5% return by similar funds.
