Italy's UniCredit has ended speculation that it will sell its asset management firm, Pioneer Investments, by saying it plans to grow the firm organically.
The decision follows a strategic review of the business.
UniCredit said Pioneer Investments has been growing organically for sometime now and that its strong financial performance in 2010 reconfirms this.
“The business is in much better shape than it was when the review process was launched,” UniCredit said. “Profits and revenues were up 13% from 2009 while assets under management grew from €176bn in 2009 to €187bn in 2010. In addition, there was consistent improvement in investment performance across the main ranges with a number of standout strategies.”
A more focused strategy that will “further enhance the quality of Pioneer Investments’ product offering while maintaining focus on delivering an outstanding level of client service” is being finalised.
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