Pioneer to sell Russian funds

UniCredit’s fund management arm is selling its Russian funds as a part of a general review of its business

Pioneer Investments, the asset management arm of Italian banking group UniCredit, has confirmed it is reviewing options for its Russian business.

The review of its Russia funds division is part of a broader, strategic review announced in April. Pioneer oversees three open investment funds in Russia, with assets of just over €32 million.

Russian business newspaper Kommersant has reported that UniCredit had put its open investment funds in Russia up for sale.

In a statement, Pioneer stressed Russia remains a strategic market for its parent UniCredit. The bank will present its new business plan by the end of this year, said Federico Ghizzoni, UniCredit’s chief executive.

UniCredit also announced plans to merge ZAO Unicredit Bank (formerly International Moscow Bank) and CJSC UniCredit Securities (Aton), four years after acquiring them.

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