Amundi completes merger with Pioneer
Amundi Group announced that the acquisition of Pioneer Investments will be finalised on the 3rd of July 2017.
The synergies enabled by this integration will be in line with what was announced in December of last year. The projections had pointed to €150m in cost synergies and €30m in revenue synergies over a full year, starting upon completion of the integration process, which will take place over the course of the next two years.
To capture this potential in growth and productivity, the Group will adapt its organisational governance in line with the same principles that have prevailed at Amundi since its inception.
The renewed organisational structure will be supported by two divisions that focus on Amundi’s two major client segments- a retail clients division and an institutional and corporate clients division. The investment management platforms, which provide the full range of investment solutions dedicated to each client segment.The new structure will be deployed in more than 30 countries.
Giordano Lombardo, group CEO and CIO of Pioneer Investments, has decided to explore new opportunities for the next stage of his career, and will be leaving the Group after the transaction is finalised. Giordano has made significant contributions to the development and growth of Pioneer Investments over the past 20 years, including helping to stabilise the company’s assets over the past several years as the sale of Pioneer Investments was being worked out. He also played a leading role in the process of joining up with Amundi and actively contributed to overseeing the integration preparatory work. We thank him for his contribution and wish him every success in his future endeavours.
Yves Perrier, CEO Amundi Group said, “The acquisition of Pioneer is a major step in the implementation of Amundi’s strategy. It enables us to consolidate our position as European leader while enhancing the range of products and services offered to our clients. The management team and key heads are in place. Amundi is fully prepared to make the integration of Pioneer an opportunity to accelerate the growth of Amundi for the benefit of its clients, its employees and its shareholders”.