Amundi Said to be in Exclusive Talks to Acquire Pioneer Investments

Dec 5 2016 | 7:13pm ET

Paris-based investment manager Amundi is reportedly in exclusive negotiations to buy asset management company Pioneer Investments from Italy’s UniCredit. 

UniCredit disclosed the discussions in a brief statement on Monday, without referring to a timeline or noting how advanced the discussions have become. The French firm first revealed an interest in acquiring Pioneer back in October amid industry speculation, ultimately unconfirmed, that it might offer upwards of €4 billion for the unit. 

Amundi beat out an Italian consortium and Ameriprise by placing the highest bid and best plan for distribution of Pioneer’s products, according to a Reuters article citing unidentified sources familiar with the matter. 

Tracing its roots back to the 1928 founding of an American mutual fund, Milan-based Pioneer is a global asset with approximately €228 billion in AUM across traditional and  alternative investment vehicles engaged in fixed-income, multi-asset, equity, and cash-based strategies for both institutions and individuals. 

Pioneer has been for sale for some time, and was initially going to merge with the asset management arm of Latin America’s Santander. The deal collapsed under regulatory constraints in July, and Pioneer has been the subject of a number of bids since. 

Amundi is one of the largest asset managers in Europe. Formed from a 2010 joint venture between Credit Agricole and Societe General, the company’s manages more than €1 trillion of assets worldwide for more than 1,000 institutional clients and 100 million retail investors. 

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