Europlus, the IFSC-based asset manager, is to pursue a global strategy following the takeover of Pioneer, the US fund management company, by its Italian parent. EuroPlus, part of the UniCredito Italiano Group, was set up in Dublin in 1998 and currently manages $80 billion (€87.4 billion) spread over 90 mutual funds. Following the linkup, Dublin will manage the European investments of the enlarged group, operating under the Pioneer name. The merger will have positive implications for the Irish operation, according to Mr Pietro Modiano, who will head the new combined asset management business. "EuroPlus was a European operation; now it is a global one," he said. The group may look to increase its 130-strong workforce, he said.
UniCredito is one of Italy's largest banking groups. Based in Milan, it has more than $150 billion (€163.86 billion) in assets and reported profits of $1.2 billion last year. Boston-based Pioneer manages $24 billion in assets and its flagship Pioneer Fund is the fourth-oldest mutual fund in the United States. Investments in the US markets and emerging markets will remain the responsibility of the Boston operation.
"The combination of Pioneer and EuroPlus will create one of the few asset management groups with strong bases in the US and Europe," said Mr Modiano. "We see significant opportunity to leverage Pioneer's and EuroPlus's product and distribution capabilities in Europe and the US," he added. UniCredito is paying $43.5 per per share for Pioneer, valuing the company at $1.2 billion. The deal is expected to be completed in the autumn of this year, following approval by Pioneer's shareholders.
