Santander AM UniCredit Merger: What it Means for Investors

The planned merger will create a new, large asset manager with global reach thanks to potential synergies, especially with regards to geographic distribution

Francesco Paganelli 11 May, 2015 | 11:29AM

UniCredit and Santander Asset Management have announced that they have reached an initial merger agreement to create a global asset manager with around €400 billion in assets under management.

It remains to be seen whether the quality of the fund range will improve

The new holding company will maintain the Pioneer Investments name. As stated in the official press release, UniCredit will own 33.3% of the new company; Santander will own another 33.3%; while the remaining third will be owned by private equity firms Warburg Pincus and General Atlantic. Pioneer´s business in the US will not be part of the new company and will be owned by UniCredit and Warburg Pincus and General Atlantic.

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About Author

Francesco Paganelli  is a Fund Analyst for Morningstar in Italy

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