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UniCredit’s Pioneer Targets Asia, U.S. Growth in Business Plan

Feb. 28 (Bloomberg) -- UniCredit SpA’s Pioneer Global Asset Management SpA, which oversees about 162 billion euros ($218 billion), plans to add portfolio managers in the U.S. and expand in Asia as part of its five-year business plan.

“We are making a significant investment over the next five years to hire additional investment talent,” Pioneer said in a statement today. It said the investments will be “self-funded.”

The asset manager wants to boost its business in the U.S. by hiring “experienced investment talent to broaden capabilities in fixed income and U.S. equities,” and by expanding its retail distribution network. The company plans to increase its sales staff in the U.S. by 25 percent.

The company is seeking to boost business in Asia by increasing its presence in Taiwan and entering new markets including South Korea.

Pioneer defined a business plan for stand-alone growth after UniCredit, Italy’s biggest bank, decided last year not to sell the unit after a review concluded in April.

To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net; Elisa Martinuzzi at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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