Pioneer Investments, the asset management subsidiary of Unicredito, is to buy the mutual fund business of Alabama-based AmSouth which has assets under management of $5.5bn (€4.5bn).

AmSouth expects to make a pre-tax profit of $50m on the sale. It will continue to run money for wealthy individuals and institutions.

Unicredito's Pioneer buys US AmSouth mutual funds

Brendan Maton

Unicredito

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