Pioneer Investment Management , with $23 billion in assets, launched...

Pioneer Investment Management, with $23 billion in assets, launched the Pioneer High Yield Fund, its first high-yield fixed-income fund. The firm’s eighth fixed-income fund comes from its Feb. 25 purchase of shares of the Third Avenue High Yield Fund. The fund is managed by Margaret D. Patel, who had managed the Third Avenue High Yield Fund since its February 1998 inception before joining Pioneer in September.