It looks like the U.S. arm of Pioneer Investments
] is going to be jointly owned by a giant multinational bank on the one hand and two private equity firms on the other, as expected.
| Lisa M. Jones|
President, Chief Executive Officer
report that yesterday UniCredit
confirmed that it has signed a binding agreement with Santander
on their big asset management deal. The banks first revealed
a preliminary deal back in April, and it sounds like the binding agreement just reached is in line with the April idea. [See MFWire's living timeline
of the Pioneer auction for more details and history.]
That means that the U.S. piece of Pioneer, led
by Lisa Jones
is going to be owned (through a new holding company) by UniCredit (Pioneer's current parent), Warburg Pincus
, and General Atlantic
, as planned. UniCredit will own half, and the two private equity firms will own the other half, but Santander will not be involved.
That same new holding company will own two-thirds of Santander and UniCredit's combined asset management businesses outside the U.S., with Santander owning the other third.
Watch for the deal to close in 2016.
Neil Anderson, Managing Editor
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