The European Commission has given the go-ahead to the merger of UniCredit’s and Santander’s fund management businesses.
The Commission said that the proposed acquisition would raise no competition concerns given the companies’ moderate combined market shares, in particular on the concerned markets in Poland, and the presence of a number of strong competitors.
In April 2015, Italian banking group UniCredit had announced plans to merge Pioneer Investments with Santander Asset Management to create a global asset manager.
The combined company will be named Pioneer Investments, and will manage nearly EUR400bn in assets.
Santander Asset management is jointly controlled by private equity firms Warburg Pincus and General Atlantic, and by Spanish banking group Banco Santander. Pioneer is solely controlled by UniCredit.