Pioneer Investments Announces Closed-End Funds Portfolio Management Change
17 May 2013 - 11:00PM
Business Wire
Pioneer Investments today announced that Jonathan Chirunga has
been named a Portfolio Manager on two Pioneer closed-end mutual
funds, Pioneer Municipal High Income Advantage Trust (NYSE: MAV)
and Pioneer Municipal High Income Trust (NYSE: MHI), effective May
17, 2013. Chirunga will join David Eurkus, Senior Vice President,
who has been a Portfolio Manager on both funds since their
inceptions. Timothy Pynchon, previously a Portfolio Manager on both
funds, is resigning from Pioneer Investments to pursue other
opportunities. Eurkus and Chirunga will continue to be supported by
Pioneer’s U.S. Fixed Income team. The change in portfolio
management does not affect the funds’ investment objectives and
strategies.
Chirunga joined Pioneer in 2011 as a Credit Analyst and
Associate Portfolio Manager. As an Associate PM, he covered all
municipal high-yield sectors and provided investment
recommendations to all Pioneer fixed-income funds. Prior to joining
Pioneer Investments, Chirunga spent ten years at T. Rowe Price as a
Municipal Credit Analyst covering municipal debt offerings for
tax-backed debt in the Southeastern and Central regions of the
United States. Previously, Chirunga spent three years as a
Municipal Credit Analyst at Standard & Poor’s, and two years as
a Corporate Credit Analyst at Hewlett Packard Company. He received
an M.B.A. from the University of California at Berkeley and an
Interdisciplinary Bachelor of Science degree from Morehouse
College.
Eurkus has been with Pioneer since 2001 and has more than 40
years of investment experience. Prior to joining Pioneer, he was a
Senior Vice President and Portfolio Manager at Brown Brothers
Harriman managing municipal bond investments, and previously was a
Senior Vice President and Senior Portfolio Manager at Putnam
Investments, where he managed tax-exempt funds with combined assets
of nearly $6 billion. He holds a B.A. from Babson College.
Pioneer Investment Management, Inc., the investment adviser for
MAV and MHI, is part of Pioneer Investment Management USA Inc., the
U.S. subsidiary of Pioneer Global Asset Management S.p.A.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and once issued,
common shares of closed-end funds are sold in the open market
through a stock exchange and frequently trade at prices lower than
their net asset value. Net asset value (NAV) is total assets less
total liabilities divided by the number of common shares
outstanding.
©2013 Pioneer Investment Management, Inc. 60
State Street Boston, MA 02109Member of the UniCredit Banking Group,
Register of Banking Groups
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