The final squeeze could already arrive today between Unicredit e Banco Santander for the creation of a joint venture between Pioneer and Santander asset management.
An asset management company should be created from the agreement assets under management of around 350 billion euros (value quantified at the time of the announcement), which will position itself among the top 15 in Europe and the top 25-30 in the world and which will be able to count on a distribution network of over 21 branches.
In an initial stage the new company should be participated with 33% each from UniCredit and Santander, while the remaining 33% should be divided between the two private equity funds Warburg Pincus and General Atlantic, currently 50% owned by Santander Asset Management. The two funds are set to exit capital, probably through an IPO.
