French asset manager Amundi has closed the integration of Pioneer Investments with consolidation of its three investment umbrellas in Luxembourg.
The rationalisation involves merger of Amundi Funds, Amundi Funds II (formerly Pioneer Funds) and Amundi Sicav II (formerly Sicav feeding Pioneer funds).
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The single Luxembourg umbrella Sicav dubbed Amundi Funds will host nearly 90 sub-funds, as against more than 150 previously, with around €90bn in assets.
According to Amundi, the move is aimed at simplifying the offer of the vehicles.
In doing so, the firm has considered several factors such as fund performance, size and characteristics, as well as client demand.
The rationalisation is said to be the last phase in the Pioneer integration process.
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By GlobalDataIt followed layoffs, IT migrations and legal mergers.
Amundi head of retail clients division Fathi Jerfel said: “This merger of the Luxembourg SICAVs of Amundi and Pioneer completes the integration of Pioneer Investments in record time.
“It will provide our clients with a complete range of funds that bring together the best of the group’s expertise, which the acquisition of Pioneer has strengthened.”
In December 2016, Amundi first announced plans to buy Pioneer from Italian banking group UniCredit for €3.5bn in cash.
The deal was wrapped up in July 2017.
