Amundi buys Pioneer Investments for €3.55bn
European asset management firm Amundi has acquired Italy headquartered Pioneer Investments for an all-cash deal of €3,55 billion.
Pioneer Investments has €222 billion in assets under management (AUM). The deal will create €1,276 billion AUM in combination between the two companies, the eight largest asset manager globally.
Following the acquisition, France headquartered Amundi intends to form a long term strategic partnership with Pioneer’s parent company UniCredit for the distribution of asset management products.
The partnership with UniCredit will allow Amundi to further strengthen its position as savings solutions provider to retail clients in Europe. And, UniCredit networks will benefit from Amundi's custom-designed services.
Xavier Musca, chairman of the board of directors of Amundi, said: "This acquisition is fully in line with the selective acquisition strategy announced at the time of the IPO: Pioneer Investments will reinforce Amundi's product expertise, broaden its distribution channels and networks, and generate significant synergies. It confirms Amundi's position as a clear European leader in asset management, in terms of size and profitability."
Yves Perrier, chief executive officer of Amundi, added: "The acquisition of Pioneer Investments is a major step to anchor Amundi as the European leader in asset management.
“This acquisition will reinforce Amundi's industrial model and will benefit our clients whilst creating significant value for our shareholders. Pioneer Investments is a world class asset manager that has a highly complementary business and geographic profile.
“At Amundi we are all excited to welcome soon our new colleagues who will join us in a leading asset management group fully dedicated to serve its retail and institutional clients."
