French asset management giant Amundi has completed the acquisition of Pioneer Investments (Pioneer) from Italy’s UniCredit.
The closing of the 3.55 billion euros (US$4.04 billion) deal, which was announced last year, allows their operational integration to proceed, Amundi says in a July 3 statement.
Amundi said last month that the integration would take place over the next two years, with the integrated business adopted in more than 30 countries.
Yves Perrier, chief executive officer and chairman of the executive committee of Amundi, sees the acquisition as “a major step in the implementation of Amundi's strategy”.
“It enables us to consolidate our position as European leader while enhancing the range of products and services offered to our clients,” he said in a June 22 statement. “The management team and key heads are in place. Amundi is fully prepared to make the integration of Pioneer an opportunity to accelerate the growth of Amundi for the benefit of its clients, its employees and its shareholders.”
The company will create two divisions, one to focus on retail clients, and the other on institutional and corporate clients.
The retail division with 450 billion euros in AUM will be headed by Fathi Jerfel, supported by deputy Cinzia Tagliabue. Dominique Carrel-Billiard will be the head of the institutional and corporate clients division, assisted by deputy Laurent Bertiau.
A division comprising the group’s investment management platforms will also be formed to offer investment solutions to each client segment, with platform distribution across Paris, Boston, Dublin, London, Tokyo and Milan.
Amundi’s chief investment officer Pascal Blanqué and his deputy Vincent Mortier will lead this division, according to the firm.
Other divisions will also be set up to support the enlarged business, including operations, services and technology; business monitoring and control; and finance and strategy.