MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, July 2, 2014 Pioneer and Unicredit: That's Not Amore There is this amazing, crazy movie titled Arabesque starring Sophia Loren and Gregory Peck, in which Loren plays a character that Peck can never quite figure out. Is she a spy? Is she a criminal? Is she a heroine? He never knows where he stands with her. There's plenty of parallels to be made between this movie and the ongoing troubled romance between Pioneer and its parent Unicredito Italiano. Unicredito, the Loren to Pioneer's Peck, acquired the Boston-based asset manager in 2000. And ever since then, financial observers asked: Will they or won't they? As in divorce. Earlier this Spring, the Financial Times and Reuters reported that Unicredito was looking to leave this romance. Then at the end of June, Reuters reported that Unicrdito's leadership declared that Pioneer is strategic and was not for sale. Talk about an Arabesque. This is not the first time that industry observers were left shaking their heads at the drama between these two troubled lovers. In November 2010, seven sutiors vied for Pioneer's affections. In December of that year, the number was whittled to three, then down to two in January 2011. Unicredito tried to develop a timeframe for deals in January 2011, pushed for binding offers in February 2011, tried to rekindle some deals in March, and then pulled Pioneer off the block in April. That's not Amore. Printed from: MFWire.com/story.asp?s=49018 Copyright 2014, InvestmentWires, Inc. All Rights Reserved |