Pioneer Investments spins off private banking arm

UniCredit, one of Italy’s biggest banking groups, has formalized an agreement to take over Pioneer Investment Mangement Sgr, a private banking business, from the bank’s subsidiary asset manager Pioneer Investments.

UniCredit, one of Italy’s biggest banking groups, has formalized an agreement to take over Pioneer Investment Mangement Sgr, a private banking business, from the bank’s subsidiary asset manager Pioneer Investments.

The partial spin-off will be effective from 1 January 2012, after the completion of the registration with the authorities. The plans for Pioneer Investment Mangement Sgr were first announced at the end of June, days after being granted authorization by the Bank of Italy. The plan was first discussed at a board meeting in March.

In June, UniCredit said: “It is expected that the execution of such plan could increase the business effectiveness of UniCredit as far private banking clients are concerned.” In a note, the bank said the measure would ensure to closer control of “the investment, administrative and consultancy processes needed to manage private banking clients’ activities”.

Separately, Pioneer Investments is also due to complete the sale of its Russian activities. The business is small, comprising only three funds worth €20m, compared to Pioneer Investments’ €165bn (as at 30 September). The buyer is expected to be the asset manager BNY Mellon.

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