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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.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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