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Rating:Will Columbia Threadneedle Win Round Two of This Multinational Auction? Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 10, 2016

Will Columbia Threadneedle Win Round Two of This Multinational Auction?

News summary by MFWire's editors

The Pioneer Investments [profile] auction continues, and word is that the parent of Columbia Threadneedle [profile] is making a play. [See MFWire's living timeline of the Pioneer auction for more details and history.]

James Cracchiolo
Ameriprise Financial
Chief Executive Officer and Chairman
Ameriprise is bidding for Pioneer, Reuters and the Financial Times report. Italy Europe 24 and other publications report that round two bids were due today with UniCredit, the beleaguered giant Italian bank that owns Pioneer.

Columbia Threadneedle had $468 billion in worldwide AUM as of September 30, and Pioneer had $252 billion, so Ameriprise buying Pioneer would boost Columbia Threadneedle's AUM by more than 50 percent. (Interesting sidenote: Financial News points out that Joe Kringdon, head of intermediary distribution at Columbia Threadneedle, joined two years ago after working at none other than Pioneer.)

This would not be Ameriprise's first crack at Pioneer. Back in 2010, Ameriprise was reportedly on the three-company short list of bidders for Pioneer. Yet after months of market speculation, in 2011 the UniCredit folks decided not to sell Pioneer.

This time around Ameriprise joins a number of high profile bidders who are also reportedly in the running for buying Pioneer. Though many of those other bidders are also multinational asset managers with business in the U.S., Ameriprise appears to be the first American company to enter the bidding.

Other notable bidders recently mentioned include: Scottish asset manager Aberdeen (as highlighted by Financial News); French asset manager Amundi; an Italian consortium of Poste Italiane, Anima, and Cassa Depositi e Prestiti; and Australian firm (and Delaware owner) Macquarie. Earlier in the fall Allianz, Axa, Generali, and Natixis were all outed as Pioneer bidders, too.

The winning bidder may not be officially revealed for another month. Italy Europe 24 points to Ameriprise, Amundi, and Poste Italiane's consortium as "three favorites that could present the best bids." 

Edited by: Neil Anderson, Managing Editor

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