Pioneer Group Inc. said it had a loss of $25.2 million in the second quarter and has discontinued its gold mining operation in Ghana.
The Boston-based investment company has lost money for several quarters because of losses from overseas investments, such as the gold mine and a Russian timber operation. However, its core U.S. mutual fund business has remained strong.
Pioneer lost $23.5 million in the second quarter from the gold mine alone and is trying to sell it. The company has said it expects to return to profitability in the third quarter.
Pioneer's worldwide assets under management in the quarter rose to $24.5 billion, from $22.9 billion.