Amundi is about to formally integrate Pioneer and readapt its organization. The French group – reads a note – has obtained all the necessary regulatory authorizations and has satisfied the conditions precedent for the acquisition of Pioneer Investments, which will be finalized on 3 July next, in line with expectations.
The synergies will be in line with what was announced in December, i.e. 150 million euro of cost synergies and 30 million of revenue synergies are expected, at the end of the integration process implemented over the next two years.
"To capture this potential for growth and productivity", the group has revised the governance model of its organization, with the appointment also of the heads of the main countries. Milan will be one of Amundi's 6 “global investment hubs, particularly in the field of multi-asset management, and the workforce based in Italy will be significantly strengthened”.
The structure includes two divisions dedicated to Amundi's major customer segments. The retail clients division, which today serves more than 100 million individual clients worldwide and represents over 450 billion euros in assets under management, will be led by Fathi Jerfel, assisted by Cinzia Tagliabue, who is also responsible for Italy as CEO.
The institutional and corporate clients division, which has assets under management of over 860 billion euros, will be entrusted to Dominique Carrel-Billiard, assisted by Laurent Bertiau. Among the managers of the active management platforms are Diego Franzin (Equities), Mauro Ratto (Emerging Markets) and Matteo Germano (Multi-asset management). The Finance and Strategy division will be placed under the responsibility of Nicolas Calcoen, assisted by Domenico Aiello.
The Amundi Group organization will be "global in investment management processes, as well as in the management of shared operational and control infrastructures, but will also have a local dimension, to ensure close contact with customers". The new facility will be developed in more than 30 countries. The company will be led by an Executive Committee, made up of the main operational managers in charge of the two groups. Among them will be Aiello, Germano and Tagliabue.
Giordano Lombardo, CEO and CIO of Pioneer Investments - specifies the note - has "decided to explore new opportunities for the next phase of his professional career and will leave the group after the closing of the operation".
The acquisition of "Pioneer is an important step in the implementation of Amundi's strategy", commented the CEO Yves Perrier, underlining that the operation "allows, on the one hand, to consolidate our position as European leader and, d' on the other hand, to strengthen the offer of products and services aimed at our customers. Top management and key managers have been identified. Amundi is therefore ready to make the integration of Pioneer an accelerator of its development, to the benefit of its customers, employees and shareholders”.
The agreement for the transfer of Pioneer, Unicredit's savings hub, to Amundi for 3,5 billion euro was announced in mid-December.
