Amundi US Announces Proposed Transaction Relating to Pioneer Closed-End Funds
19 Juli 2024 - 10:05PM
Business Wire
Amundi US today announced a proposed transaction affecting the
following Pioneer closed-end funds:
- Pioneer Diversified High Income Fund, Inc. (NYSEAMER: HNW)
- Pioneer Floating Rate Fund, Inc. (NYSE: PHD)
- Pioneer High Income Fund, Inc. (NYSE: PHT)
- Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:
MAV)
- Pioneer Municipal High Income Fund, Inc. (NYSE: MHI)
- Pioneer Municipal High Income Opportunities Fund, Inc. (NYSE:
MIO)
Amundi Asset Management US, Inc. (the “Adviser”), each fund’s
investment adviser, is currently an indirect, wholly-owned
subsidiary of Amundi. On July 9, 2024, Amundi announced that it had
entered into a definitive agreement with Victory Capital Holdings,
Inc. (“Victory Capital”) to combine the Adviser with Victory
Capital, and for Amundi to become a strategic shareholder of
Victory Capital (the “Transaction”). Victory Capital is
headquartered in San Antonio, Texas. The closing of the Transaction
is subject to certain regulatory approvals and other conditions.
There is no assurance that the Transaction will close.
The closing of the Transaction would cause each fund’s current
investment advisory agreement with the Adviser to terminate. Under
the terms of the Transaction, the fund’s Board of Directors will be
asked to approve a new investment advisory agreement for the fund
with Victory Capital Management Inc., an affiliate of Victory
Capital. If approved by the Board, the fund’s new investment
advisory agreement will be submitted to the shareholders of the
fund for their approval. There is no assurance that the Board or
the shareholders of the fund will approve the new investment
advisory agreement.
The funds are closed-end investment companies. Five of these
funds trade on the New York Stock Exchange (NYSE) under the
following symbols: PHD, PHT, MAV, MHI, and MIO; HNW trades on the
NYSE American (NYSEAMER).
About Amundi US Amundi US is the US business of Amundi,
Europe’s largest asset manager by assets under management and
ranked among the ten largest globally1. Boston is one of Amundi’s
six main global investment hubs2 and offers a broad range of
fixed-income, equity, and multi-asset investment solutions in close
partnership with wealth management firms, distribution platforms,
and institutional investors across the Americas, Europe, and
Asia-Pacific.
With our financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape. Amundi clients benefit
from the expertise and advice of 5,5003 team members and market
professionals in 35 countries3. A subsidiary of the Crédit Agricole
group and listed on the Paris stock exchange, Amundi currently
manages approximately $2.286 trillion of assets3.
Amundi, a Trusted Partner, working every day in the interest of
our clients and society
www.amundi.com/us
Follow us on linkedin.com/company/amundi-us/ and
twitter.com/amundi_us.
1 Source: IPE “Top 500 Asset Managers” published in June 2024,
based on assets under management as of December 31, 2023. 2 Boston,
Dublin, London, Milan, Paris, and Tokyo 3 Amundi data as of
3/31/2024
FORWARD-LOOKING STATEMENTS This press release may contain
forward-looking statements within the meaning of applicable U.S.
federal and non-U.S. securities laws. These statements may include,
without limitation, any statements preceded by, followed by or
including words such as “target,” “believe,” “expect,” “aim,”
“intend,” “may,” “anticipate,” “assume,” “budget,” “continue,”
“estimate,” “future,” “objective,” “outlook,” “plan,” “potential,”
“predict,” “project,” “will,” “can have,” “likely,” “should,”
“would,” “could” and other words and terms of similar meaning or
the negative thereof and include, but are not limited to,
statements regarding the proposed transaction. Such forward-looking
statements involve known and unknown risks, uncertainties and other
important factors beyond Amundi US’s and the Pioneer Funds’ control
and could cause actual results, performance or achievements to be
materially different from the expected results, performance or
achievements expressed or implied by such forward-looking
statements. Although it is not possible to identify all such risks
and factors, they include, among others, the risk that conditions
to closing will fail to be satisfied and that the transaction will
fail to close on the anticipated timeline, if at all.
Amundi Distributor US, Inc., Member SIPC 60 State Street,
Boston, MA 02109 ©2024 Amundi Asset Management US, Inc.
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Shareholder Inquiries: Please contact your financial advisor or
visit www.amundi.com/us.
Broker/Advisor Inquiries Please Contact: 800-622-9876 Media
Inquiries Please Contact: Geoff Smith, 617-504-8520
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