Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter