Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:UniCredit Makes it Official: Pioneer is on the Block Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 13, 2010

UniCredit Makes it Official: Pioneer is on the Block

Reported by Sean Hanna, Editor in Chief

For months, there's been chatter among mutual fund industry insiders that The UniCredit Group was looking to offload Pioneer Investments. Yesterday, UniCredit confirmed that it hired Bank of America Merrill Lynch to "explore all strategic options to maximise Pioneer's overall franchise value."

For the better of part of a year, UniCredit has been quietly exploring its options with fund firms in the U.S. One hurdle that the Italian owner will have to overcome is a lack of interest in Pioneer's non-US operations, sources have told The MFWire.

One anchor weighing down a sale has been the relative underperformance of its European asset management arm.

The hiring of BofA Merrill Lynch as UniCredit's i-banker stirs memories of March 2000, when Pioneer announced it was hiring Merrill Lynch and Salomon Smith Barney to "actively explore those alternatives that would maximize shareholder value."

Two months later, Pioneer sold to Milan-based UniCredit for $1.2 billion in a deal that closed in October that year. Pioneer merged with UniCredit's Europlus.

In September 2005, Pioneer acquired the mutual fund business from AmSouth Bancorp. In January 2009, Pioneer inked a deal to take over the remainder of Regions Financial Corp.'s mutual fund business.

UniCredit's announcement on Wednesday comes four months after Pioneer saw a change in its top ranks.

At the end of January, Dario Frigerio left his post as CEO of Pioneer Global Asset Management.

Pioneer Investments, which has offices in 31 countries, had AUM of $250 billion as of February.

Its Boston-based US subsidiary, Pioneer Investment Management USA Inc., had AUM of $59 billion at the end of February.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use