Italy based Unicredit will sell Pioneer Investments to French asset manager Amundi for € 3,545 million, said a press release issued by Unicredit.
The transaction is expected to close in the first half of 2017.
The media statement issued by Unicredit says that UniCredit and Amundi will form a strategic partnership for the distribution of asset management products underpinned by a 10-year distribution agreement for Italy, Germany and Austria. UniCredit will re-focus on its distribution business model while retaining exposure to the commission income generated from the distribution of asset management products.
Amundi manages 1,054 billion euros worldwide as on September 30, 2016.
Pioneer Investments has a joint venture with Bank of Baroda in Baroda Pioneer MF in India. Also, Pioneer Investment’s proposed new owner Amundi has a joint venture with State Bank of India in SBI MF.
