Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Chinese bank eyes Pioneer after ruling out Ignis bid

Chinese bank eyes Pioneer after ruling out Ignis bid

China’s biggest state-owned lender is considering launching a €2 billion (£1.65 billion) bid for Pioneer.

According to the Sunday Times, Industrial & Commercial Bank of China (ICBC) is looking to capture a European asset manager.

The paper claims ICBC had considering mounting a bid for Phoenix-owner Ignis, which was sold to Standard Life Investments last week.

Pioneer is owned by Italian bank Unicredit and is one of Europe’s largest fund managers with €174 billion in funds under management.

Unicredit is under pressure to shore up its balance sheet after recently posting a record €14 billion loss. However, the bank at the time stressed Pioneer remains a core part of its business.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Commodity conundrum, beleaguered bonds and a US dilemma

Commodity conundrum, beleaguered bonds and a US dilemma

This week’s episode of Investment Pulse looks at the impact of falling commodity prices on banks, dangers of negative yield curves and whether US equities can continue to deliver.

Play Mirabaud's Pyshkin: The US will continue to grow dividends

Mirabaud's Pyshkin: The US will continue to grow dividends

The global equity income manager has invested half of his fund here.

Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Wealth Manager on Twitter