UniCredit sells Pioneer to Amundi for €3.5bn

Following months of speculation

Amundi has signed a binding agreement with UniCredit to acquire Pioneer Investments for €3.5bn, following earlier speculation.

Pioneer has €222bn in assets under management and the deal will create the eighth-largest asset manager globally with €1.3bn in assets between the two firms. In October, Amundi denied speculation in an Italian newspaper that it was to acquire Pioneer for €4bn, but later it emerged UniCredit was in exclusive talks with the French firm to sell its asset management arm.  The move will allow Amundi to reinforce its leadership in European markets, benefit from a leading US platform in terms of management and distribution, enhance and diversify its global product offering and bolster its le...