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Rating:Santander and UniCredit Agree On Pioneer's Fate Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 12, 2015

Santander and UniCredit Agree On Pioneer's Fate

News summary by MFWire's editors

It looks like the U.S. arm of Pioneer Investments [profile] 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
Pioneer Investments
President, Chief Executive Officer
Bloomberg and Reuters 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. 

Edited by: Neil Anderson, Managing Editor

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