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Pioneer’s crusade for institutional greatness
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— Lombardo: ‘distributors have much more power than in the past and they can play one asset manager against the other’
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Remodelled Italian house concentrates its efforts on developing retirement products, asset liability modelling and unconstrained alpha strategies.
The announced take over of Germany’s HypoVereinsbank (HVB) by Unicredito Italiano and the possibility of both companies integrating their asset management divisions shows Unicredito’s commitment to this business.
This attitude contrasts with that of Banca Intesa which has just sold a 65 per cent stake in its fund management subsidiary, Nextra Asset Management, to Crédit Agricole Asset Management. Moreover HVB’s network will bring huge distribution opportunities for Unicredito’s investment arm Pioneer Investments.
Pioneer enjoyed a very good 2004. The firm managed to attract €3.6bn worth of new assets, mainly from investors in continental Europe and the US.
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