Regions Financial Corp. of Birmingham, Ala., has agreed to sell the rest of its retail mutual funds to Pioneer Investment Management Inc.
Pioneer would receive 11 RMK Select Funds, which have $2 billion of assets under management.
The funds — five equity, three bond, two money market, and one balanced fund — are managed by Morgan Asset Management Inc., Regions' investment advisory arm.
The deal, announced last week, is expected to close next quarter and requires approval by fund shareholders. The funds would be folded into funds managed by Pioneer.
A spokesman for Regions said it sold its other retail funds, a family of bond funds, last month to Hyperion-Brookfield Asset Management Inc. to focus on its banking and brokerage businesses.
The funds being sold to Pioneer Investment Management were not in the same family as the ones sold to Hyperion-Brookfield, Regions said.
Pioneer Investment Management is the U.S. investment advisory arm of Pioneer Global Asset Management SpA, which has offices in 29 countries. The parent had over $206 billion of assets under management, including $50 billion in the United States, as of Dec. 31.