The fates of Pioneer Investments
] and the U.S. arm led
by Lisa Jones
will soon be less intertwined.
Martin Arnold of the Financial Times reports
that Pioneer's U.S. arm will become a separate unit, jointly backed by Pioneer parent UniCredit
and a pair of private equity firms, Warburg Pincus
(backer of ETF firm Source
) and General Atlantic
In September, UniCredit CEO Federico Ghizzoni confirmed
that his giant Italian bank was in exclusive talks with a giant Spanish bank, Banco Santander
, to combine their asset management units into a joint venture. General Atlantic and Warburg Pincus came into the deal thanks to recently buying a 50-percent share in Santander Asset Management. At the time, the deal would reportedly have split a third of the joint-venture into the hands of the PE firms, with the remaining two-thirds divided evenly between the two banks.
Yet the FT now reports
that Ana Botin
, Santander's executive chairman, has changed the deal so that the U.S. arm of Pioneer will be spun off the Santander-UniCredit asset management joint venture as a separate unit -- owned by UniCredit, Warburg, and General Atlantic, but not Santander. The idea, the FT
says, is to avoid further antagonizing U.S. regulators, after Santander failed a stress test twice in a row.
Neil Anderson, Managing Editor
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