PE Firms Likely Out Of Pioneer Auction
Books for Pioneer Investments aren’t out yet but the possible sale looks like it has shifted. UniCredit Group, which is looking to sell all of Pioneer, wants to combine the business with another asset manager and retain a take, two sources say. "Unicredit wants to do a contribution transaction," a banking source said. I initially thought UniCredit’s strategy was similar to Morgan Stanley’s sale of its retail funds unit earlier this year to Invesco. Morgan kept a 9% stake in the funds business. However, I’m being told that UniCredit’s plans are more similar to Credit Agricole, which bought part of Societe General’s asset management arm. The banks, in 2009, created Amundi, their combined asset management arm which is 75% owned by Credit Agricole and 25% owned by Societe General.
