Paris-based investment house Amundi has finalised a €3.5 billion acquisition of asset management firm Pioneer Investments from Italian bank UniCredit.
The deal, announced last year, is expected to bring €222 billion of assets under Amundi’s control and kick off a €180 million cost saving programme over three years.
Amundi, Europe’s largest asset manager, has previously said that the merged entity would use the Amundi brand in Europe and Asia.
Yesterday Amundi announced that in the US it will merge Pioneer’s Boston-based US subsidiary with its existing US business to form Amundi Pioneer Asset Management.
The new firm will manage Amundi’s US investment hub and distribution platform.
Completion of the merger will see the departure of Pioneer’s chief executive Giordano Lombardo.
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