Financial terms of the deal were not disclosed. As part of the deal, both firms also agreed to propose to the fund's shareholders that the two Pioneer funds for which Oak Ridge currently serves as subadviser — Pioneer Oak Ridge Small Cap Growth Fund and Pioneer Oak Ridge Large Cap Growth Fund — reorganize into newly established funds with Oak Ridge as fund manager.
The two Pioneer Oak Ridge funds' assets under management increased to $2.2 billion as of March 31 from $24 million at the partnership's inception.
There will be no change to the portfolio management teams or investment strategies of either fund.
Oak Ridge has provided day-to-day portfolio management services for the small-cap equity fund since 1994 and for the large-cap equity fund since 1999, including their predecessor funds.
The transaction and fund reorganizations will be completed in October 2014. Pioneer Investments had $249 billion in assets as of April 30. Oak Ridge manages more than $4.2 billion.