The Pioneer Group announced that Pioneer First, an open-ended mutual...

The Pioneer Group announced that Pioneer First, an open-ended mutual fund to be managed by KUIF, Pioneer's Russian investment management subsidiary, has passed its last regulatory approval hurdle in Russia. Marketing to domestic Russian investors is expected to begin within the next few weeks. KUIF was selected last November by the Federal Commission for the Securities Market of the Russian Federation as one of three firms to participate in a pilot program for establishing mutual funds. It is the first of the firms to win approval for a fund.