Banco Santander and its partners Warburg Pincus and General Atlantic have inked a preliminary agreement to merge Santander Asset Management and Pioneer Investments to create a global asset manager in Europe and Latin America.
The agreement that values Santander Asset Management at EUR2.6bn and Pioneer Investments at EUR2.75bn will see the creation of a new company into which the local asset managers of Santander and Pioneer will be incorporated.
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The combined company, estimated to have EUR353bn in assets under management (AUM) at the close of 2014, will be named as Pioneer Investments.
Santander will hold a 33.3% stake in the new company while its partners UniCredit will have a 33.3% stake, and private equity fund managers Warburg Pincus and General Atlantic will share a 33.3% stake.
Pioneer´s operations in the US will not be included in the new company but will be owned by UniCredit (50%) and Warburg Pincus and General Atlantic (50%).
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.
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