Fund giants agree merger to form £290bn asset manager

Anna Fedorova

Pioneer Investments has reached an agreement to merge with Santander Asset Management, creating one of the largest European asset management groups by AUM.

The two fund giants will merge to create a global house with combined assets under management of €400bn (£287bn). The new company will operate under the Pioneer Investments brand and will rank among the top 35 firms globally, and top ten in Europe, by assets under management. Juan Alcaraz, current chief executive of Santander Asset Management (SAM), will become the global chief executive, while Giordano Lombardo (pictured), current chief executive and group CIO of Pioneer Investments, will be the global CIO of the new firm. Italian bank UniCredit, which owns Pioneer, commented: "Bu...

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