Amundi announces the completion of the Pioneer Investments’ integration with the merger of its three Luxembourg flagship vehicles: Amundi Funds, Amundi Funds II (ex Pioneer Funds) and Amundi Sicav II (ex Sicav feeding Pioneer Funds). After the workforce reduction, IT migrations and legal mergers of the entities, this is the last phase of the Pioneer integration, the closing of which was announced on July 3, 2017.
The main objective of this rationalisation is to simplify the offer of Luxembourg funds for both retail and institutional clients by retaining only the best performing funds from these Sicavs. The selection will take into account not only the performance, fund size and characteristics, but also client requirements and potential demand.
At the end of June, this rationalisation will create a single Luxembourg umbrella Sicav, Amundi Funds, with around 90 sub-funds - compared with more than 150 initially with the three Sicavs - and whose total assets under management will reach nearly €90 billion.
This flagship will offer the full range of the group's expertise in order to meet all the investor needs. More than half of its sub-funds will have assets under management over €500 million, and one-third will have AuM over €1 billion. 84% of them should also have a Morningstar rating of at least 3 stars.
Fathi Jerfel, Head of Retail Clients Division at Amundi says: "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”.
Head of Press Relations and Digital Communication
Amundi is Europe’s largest asset manager by assets under management and ranks in the top 10 globally. It manages more than 1.470 trillion euros of assets across six main investment hubs. Amundi offers its clients in Europe, Asia-Pacific, the Middle East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Clients also have access to a complete set of services and tools. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization.
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