Italian bank UniCredit and Spanish banking giant Santander have entered into a binding agreement to combine their asset management units, Pioneer Global Asset Management and Santander Asset Management.
The agreement will create a global asset manager called Pioneer Investments with around EUR370bn in assets under management.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The transaction is scheduled to complete in 2016, subject to necessary regulatory and other approvals.
The deal is expected to value the combined company at about EUR5.4bn.
The new entity will be owned by UniCredit, Santander and the private-equity fund managers Warburg Pincus and General Atlantic.
Santander Asset Management current CEO Juan Alcaraz will become the CEO of the new company and Giordano Lombardo, current CEO and CIO of Pioneer Investment, will assume the role of CIO.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
