ICBC mulling bid for Pioneer Investment Management
Industrial & Commercial Bank of China (ICBC) is thinking about making an offer for Unicredit’s Pioneer Investment Management arm, The Sunday Times reported. The newspaper cited City sources who said ICBC is interested in buying a European fund management firm.
It is believed that ICBC has considered making an offer for Ignis, the asset management of Phoenix Group, the item said. Phoenix, a UK-based insurer, sold Ignis to Standard Life last week.
Unicredit has said that Pioneer remains central to its long-term strategy, the article noted. However, the Italian bank last week reported losses of EUR 14bn (USD 19.26bn), leading to speculation that it might look to sell Pioneer, according to the report.
Pioneer manages EUR 174bn of funds, the article noted.
Source Sunday Times