BOSTON--(BUSINESS WIRE)--Pioneer Investments today announced that it has entered into a preliminary agreement with Navigate Fund Solutions LLC (“Navigate”), a subsidiary of Eaton Vance Corp. (NYSE: EV), to support the launch of a family of Pioneer NextShares™ exchange-traded managed funds.
Lisa Jones, President and Chief Executive Officer of Pioneer Investment Management USA Inc., said, “NextShares offer the potential for an enhanced client investment experience and outcome, a commitment Pioneer has focused on since 1928. NextShares are an innovative way to deliver our active management to investors.”
NextShares are a new type of actively managed fund designed to provide better performance for investors because as exchange-traded products, NextShares have built-in cost and tax efficiencies. Unlike conventional ETFs, NextShares protect the confidentiality of fund trading information and provide buyers and sellers of shares with transparency and control of their trading costs. As a result, NextShares can offer advantages over both mutual funds and ETFs as vehicles for active investment strategies. A range of leading asset managers have announced plans to offer NextShares funds to their investors. Learn more by visiting nextshares.com.
“We are delighted to add Pioneer to the list of fund sponsors that have announced plans to offer NextShares,” said Stephen W. Clarke, President of Navigate. “By working together and in partnership with broker-dealers, we seek to evolve the delivery of active management to a higher-performing and more tax-efficient structure.”
About Pioneer Investments
Pioneer
Investments is the trade name for Pioneer Global Asset Management S.p.A.
and its subsidiaries. Pioneer Investments is a global investment firm
with offices in 28 countries, 2,000 employees and approximately $242
billion in assets under management as of March 31, 2015, of which
approximately $71 billion was managed in the U.S. Pioneer Investment
Management, Inc. is the investment advisory subsidiary of Pioneer
Investment Management USA Inc. Pioneer Investment Management USA Inc. is
the North American operating subsidiary of Pioneer Global Asset
Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A.
About Navigate and Eaton Vance
Navigate
is a wholly owned subsidiary of Eaton Vance Corp. formed to develop and
commercialize NextShares. Aspects of the operation of NextShares are
protected intellectual property owned by Navigate.
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $303.4 billion in assets as of March 31, 2015, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information, see eatonvance.com.
This press release is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell securities. The launch of NextShares funds by Pioneer Investments is conditional upon final regulatory approval, the likelihood and timing of which cannot be predicted. Commercial success also requires completion of enabling implementation technology and acceptance by market participants, which cannot be assured. Prices of all NextShares trades will be linked to the fund’s next daily net asset value per share (NAV) and determined after NAV is computed. NextShares will not offer investors the opportunity to buy and sell at prices determined intraday. NextShares trade execution prices will fluctuate based on changes in NAV and may vary significantly from anticipated levels during periods of market volatility. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Market trading prices of NextShares may be above, at or below NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares. The performance of actively managed NextShares will depend in part on the portfolio managers’ successful application of analytical skill and investment judgment. A NextShares fund is not a complete investment program, and there is no guarantee that it will achieve its investment objective. It is possible to lose money on an investment in NextShares. Investors in NextShares should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment in NextShares is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
© 2015 Pioneer Investment Management, Inc.
Member of the UniCredit
Group, Register of Banking Groups
Not FDIC Insured
May lose value
No bank guarantee