UNICREDIT: LES ECHOS, BNP & NATIXIS IN PIONEER INVESTMENT

Besides Amundi, BNP Paribas & Natixis are reportedly interested in Pioneer Investments, Unicredit’s asset management Co. The news was published in the French newspaper ‘Les Echos’. According to market sources closely associated with the dossier, Unicredit is said to be interested in selling its majority share in the Company although it would like to maintain access to its network. Pioneer Investments is not officially on sale yet even if, in the conference call following the mid-year results, Unicredit CEO Alessandro Profumo said he “received quite a few shows of interest” and to be heading towards “a more operational perspective” starting from September. As officially announced last May, Bank of America-Merril Lynch is officially working on the Pioneer dossier to screen all the possible options, ranging from the entry of a partner in purchasing the whole company which, according to the French newspaper, is worth between 1.5 and 2.5 billion Euros and whose valorization would enhance the Bank’s asset pricing coefficients.