Morningstar assesses Pioneer fund after manager exit

Pioneer Investments’ US mid cap equity manager Rod Wright has left the firm.

The manager has been replaced on the €196.1m (£167m) Pioneer US Mid Cap Value fund by new hire Ned Shadek, who will run the fund alongside existing co-manager Tim Horan.

Fund ratings agency Morningstar OBSR has removed the Luxembourg-based fund’s ‘silver’ rating as a result of the change.

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The management change, announced by Pioneer earlier this month, comes amid a raft of changes to its fund range. Pioneer’s Research, Disciplined Value, Disciplined Growth and Growth Opportunities funds will be merged into other products, while its Equity Opportunity fund is being liquidated.