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Rating:UniCredit Shops Pioneer: A Timeline Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 14, 2016

UniCredit Shops Pioneer: A Timeline

Reported by Ashley McHugh-Chiappone

This page will serve as a living timeline, chronicling UniCredit's ongoing hunt to find the perfect bidder for Pioneer [profile].

July 5, 2017
Amundi Smith Breeden combines with Pioneer to form Amundi Pioneer Asset Management. The new firm will administer Amundi's United States investment hub and distribution platform and the combined assets add up to approximately $1.3 trillion in assets under management.

June 22, 2017
It is publicly confirmed that Lisa Jones, president and CEO of Pioneer, will become head of USA/Canada and Latin America for Amundi. Also, Ken Taubes, executive vice president and CIO of Pioneer, will become head of US expertise. Giodarno Lombardo, global CEO and CIO of Pioneer, will not join Amundi once the deal closes.

April 28, 2017
Amundi's Q1 earnings report reveals 3.5 million euros, around $3.82 million, net of tax, as a result of expenses related to the forthcoming deal with Pioneer. The deal is expected to close by the end of Q2.

February 21, 2017
Yves Perrier, CEO of Amundi, will cut nine-percent of staff once the Amundi-Pioneer deal closes, according to an article from the Financial Times. He predicts two-thirds of the cuts will simply come from staff turnover.

December 19, 2016
Dominique Carrel-Billiard joins Amundi as deputy director and executive committee member. He will oversee the firm's $3.76 billion acquisition of Pioneer. He was formerly CEO of Financier de l'Echiquier.

December 13, 2016
Capital Market's Day, where UniCredit will announce the outcome of the strategic review presented on July 11.

December 12, 2016
Unicredit has finally announced a deal for Pioneer Investments! Amundi will buy Pioneer for 3.545 billion euros ($3.76 billion), plus a 315-million euro ($334.18 million) "extraordinary dividend" that Pioneer will pay to UniCredit before the deal closes.

December 8, 2016
As Amundi works to raise funds to complete the Unicredit/Pioneer deal, Pioneer has suspended two PMs; they have yet to settle with these top bond managers.

December 5, 2016
Unicredit and Amundi confirm that they are in an exclusive deal.

December 4, 2016
Italy will hold a referendum on constitutional reform, addressing "key constitutional changes that aim to slim down the countryís legislature, speed up lawmaking and attack the bureaucratic morass."

November 25, 2016
The bidding reportedly narrows to just three serious bidders: Ameriprise, Amundi, and the consortium led by Poste Italiane, with Amundi leading the pack and Macquarie a distant fourth.

November 21, 2016
Marty Gilbert, chief of British multinational asset manager Aberdeen [profile], reveals that his firm has dropped out of the Pioneer bidding. He blames Pioneers price tag, which he pegs at 3.5 billion pounds (about $3.7 billion).

November 16, 2016
Santander takes full control of its asset management business, buying out Warburg Pincus and General Atlantic.

November 14, 2016
Amundi, one of the bidders for Pioneer, doubles its minority stake in another asset manager, TOBAM.

November 11, 2016
UniCredit confirms that they have received bids for Pioneer.

November 10, 2016
Second round bids for Pioneer are reportedly due today with UniCredit.

November 9, 2016
Poste Italiane, Cassa Depositi e Prestiti and Anima announce their joint agreement for a bid on Pioneer.

November 3, 2016
Ameriprise is outed as a bidder for Pioneer.

October 28, 2016
Amundi reportedly leads the bidding for Pioneer.

October 18, 2016
Amundi confirms that they are bidding for Pioneer. Meanwhile, Poste Italiane is attempting to raise money to support its bid for Pioneer.

October 6, 2016
Amundi reportedly is offering $4.46B for Pioneer. This bidding price is higher than analystís original expectations.

September 28, 2016
UniCredit announces that on December 13, Capital Markets Day, they will present the outcome of the strategic review begun on July 11.

September 20, 2016
This is the last day of the first, nonbinding round of bidding on Pioneer.
Aberdeen, Allianz, Axa, Delaware Investments and Natixis all reportedly put in bids for Pioneer. Yet, the three main contenders are Amundi, Generali, and Poste Italiane.

September 19, 2016
Poste Italiane, Generali and Amundi emerge as bidders for Pioneer.

September 7, 2016
UniCredit gives a September 20 deadline for initial bids on Pioneer.

July 27, 2016
UniCredit announces that they terminated their November 2015 deal with Santander for Pioneer.

July 12, 2016
Jean Pierre Mustier becomes the new CEO of UniCredit, replacing Federico Ghizzoni.

July 11, 2016
Brexit throws a wrench in Santander and UniCreditís asset management join venture deal.

May 24, 2016
UniCredit puts a hold on their deal with Santander for Pioneer, due to UniCreditís search for a new CEO to replace Federico Ghizzoni.

November 11, 2015
UniCredit confirms that it signed a binding agreement with Santander.

July 30, 2015
Scott Powell becomes CEO of Santander.

April 23, 2015
Pioneer and Santander agree to a deal, making Pioneer in the US wholly-owned by a new holding company called Pioneer Investments, with UniCredit owning half of that company, and Warburg Pincus and General Atlantic owning the other half.

November 26, 2014
Giordano Lombaro succeeds Sandro Pierri as deputy CEO and CIO of Pioneer in the US.

October 17, 2014
Oak Ridge Investments buys out Pioneer Investmentsí 49 percent stake in their company.

September 23, 2014
UniCredit confirms that they are in talks with Santander to combine the two firmís asset management arms.

April 13, 2013
Pioneer CEO, Sandro Pierri, debunks rumors that a sell-off of Pioneer will occur.

August 22, 2011
Pioneer ponders business ventures in Russia.

June 24, 2011
Pioneer spruces up its Boston headquarters.

April 21, 2011
UniCredit takes Pioneer off the auction block to focus on "organic growth."

March 21, 2011
Italy's central bank urges UniCredit to sell Pioneer to an Italian buyer.

January 24, 2011
Resolution bows out of Pioneer bidding war, leaving Amundi and Natixis to vie for the company.

January 21, 2011
Amundi emerges as Pioneer's leading bidder.

December 17, 2010
UniCredit announces its short list for bidders for Pioneer, including Natixis, Amundi and Ameriprise Financial, parent of Columbia.

December 8, 2010
Resolution is reportedly interested in bidding for Pioneer.

September 29, 2010
Natixis confirms its interest in Pioneer.

September 16, 2010
Pioneer has four bidders: Federated Investors, Northern Trust, State Street, and Ameriprise Financial.

August 23, 2010
UniCredit is reportedly selling Pioneer in pieces.

August 17, 2010
Pioneer is finishing up pitch books and has 14 firms interested in bidding, including: Amundi, BNP Paribas, Natixis, Societe Generale, John Hancock, MFS, Apax Partners, BC Partners, Permira, Bain Capital, Carlyle Group, Hellman & Friedman, KKR and TA Associates.

August 5, 2010
Natixis is open to the possibility of doing a deal with Pioneer.

May 13, 2010
UniCredit confirms that Pioneer is on the block.


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