Pioneer Investments will terminate Cullen Capital Management as subadviser of the Pioneer Cullen Value fund, effective Aug. 1, and a Pioneer large-cap value team will take over management of the $4.4 billion fund.
Cullen Capital has subadvised the fund since its July 2000 inception.
Asked about the reason for the change, Geoff Smith, a Pioneer spokesman, said the hiring in January of 12-year Putnam veteran Edward T. Shadek Jr. as a senior vice president and portfolio manager allowed Pioneer to field a strong internal large-cap value equity team.
Mr. Shadek and John Peckham, a senior vice president and co-head of Pioneer's equity research, will lead the team overseeing the fund, which will be renamed Pioneer Fundamental Value Fund.
According to Morningstar data, while the performance of the Pioneer Cullen Value fund ranks among the 12th percentile among domestic large-cap value equity managers for the 10 years through Thursday, recent performance has been rocky. For the one- and three-year periods through Thursday, the fund has ranked in the 78th and 95th percentiles, respectively.
John Gould, an executive vice president with Cullen Capital Management, couldn't immediately be reached for comment.