Read his lips: There will be no sell-off of Pioneer [profile].

Pioneer CEO Sandro Pierri made that declaration to the Financial Times.

“There will be no sell-off. We stopped talks regarding a sale after our strategic review in April 2011 and decided there is much more value in building up the asset management business. This is what we have been doing since last year,” the newspaper quotes him on the subject.

Pioneer is owned by Italian bank UniCredit, which unsuccessfully searched for a buyer for almost a year. [See MFWire's living timeline of the Pioneer auction for more details and history.]

Instead, the firm's owners are now focused on rebuilding, according to Pierri.

“We are reinvesting a significant portion of our profit,” Pierri told the Financial Times.

Read more of the interview here. 

Edited by: Tommy Fernandez


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