Amundi admits interest in Pioneer Investments deal

Amundi says it is interested in buying Pioneer Investments – the asset manager that its Italian owner, Unicredit, has tried to sell or merge for some years.

Amundi stated its position following speculation in the Italian press that it was offering €4 billion for the firm and denied the sum.

“Amundi confirms its interest in Pioneer, consistent with the growth strategy presented at the time of its IPO,” said Amundi, but added: “Amundi denies however the Pioneer valuation levels attributed to it.”

Amundi said its acquisition policy is to make a return on investment greater than 10% over a three-year horizon.

The most recent deal for Pioneer by its owner was with Santander Asset Management, but fell through.

In 2011 Uncredit tried to end uncertainty about Pioneer’s ownership by saying it planned to grow the firm organically.

Last year, Sandro Pierri quit as chief executive and Giordano Lombardo took over. It represented the third change of senior leadership in five years.

Pioneer had assets under management of €224 billion at the end of 2015 and last year posted €13.2 billion of net sales, a 15% increase over the previous year.

©2016 funds europe

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