Amundi is combining Pioneer Investment Management USA, in Boston with its existing US business, Amundi Smith Breeden in Durham, NC, to form Amundi Pioneer Asset Management.
The new firm will manage Amundi’s US investment hub and distribution platform.
Amundi is Europe’s largest asset manager as measured by assets under management and ranks among the world’s top ten asset managers, with approximately USD1.3 trillion in assets under management.
The new brand represents Amundi’s business in the US. The US management team will also oversee Amundi’s operations throughout the Americas, including Canada and Latin America. The firm will maintain offices in Boston, Durham, Buenos Aires, Mexico City, Miami, Montreal, and Santiago. Boston is one of Amundi’s six global investment hubs, along with Dublin, London, Milan, Paris, and Tokyo. Durham is one of Amundi’s ten local investment centers, including Budapest, Hong Kong, Kuala Lumpur, Madrid, Munich, Prague, Singapore, Vienna, and Warsaw.
Lisa Jones, previously President and Chief Executive Officer of Pioneer Investment Management USA Inc, has been named Head of the Americas for Amundi and Amundi Pioneer, and will serve on Amundi’s Global Executive Committee. She serves as Chairman, President, and Chief Executive Officer of Amundi Pioneer.
Patrice Blanc (pictured), previously Chief Executive Officer of Amundi Smith Breeden, has been named Chief Operating Officer of Amundi Pioneer.
Ken Taubes, previously Chief Investment Officer, US of Pioneer, has been named Chief Investment Officer of US Investment Management for Amundi and Amundi Pioneer.
The combination of Pioneer in the US with Amundi Smith Breeden expands the resources of both firms in all areas of the business, including investments, distribution, marketing, and operations.
Pioneer Investments was founded in 1928 by Philip L Carret, and has been a leading innovator in global asset management since its inception. Pioneer in the US offers a broad range of fixed-income, equity and multi-asset investment solutions. A focus on proprietary research, robust risk management, disciplined investment processes, and close partnerships with clients has made the firm an investment manager of choice among leading institutional and individual investors worldwide. Pioneer in the US had USD68.6 billion in global assets under management as of 31 December, 2016.
Grounded in research and analytics, Amundi Smith Breeden has a rich history of providing investment expertise based on proprietary fixed-income option pricing techniques. Founded as Smith Breeden Associates in 1982 as an interest rate risk and investment advisory services firm for financial institutions, Amundi Smith Breeden has expanded to become a highly regarded fixed-income manager offering an extensive range of fixed-income strategies tailored to meet the needs of institutional investors. Acquired by Amundi in September of 2013, Amundi Smith Breeden had USD10.2 billion in global assets under management as of 31 December, 2016.
Amundi Pioneer CEO Lisa Jones says, “We are looking forward to the opportunity to leverage the broad global resources of Amundi. In bringing together Pioneer and Amundi Smith Breeden, we are combining organisations that share similar investment philosophies and corporate cultures and that value teamwork across a collegial, collaborative environment. Collectively we share an intense focus on meeting the needs of our clients and look forward to continuing to deliver innovative investment solutions.”
The two firms will be governed by one leadership team as of today, and will collaborate closely on investment ideas, marketing, business development; and client service. The integration of legal entities (both broker dealers and investment advisers) is expected to be completed on or before 1 January, 2018.
Amundi also announced that shareholders of each of Pioneer’s 37 US open-end and closed-end mutual funds voted in favour of a proposal allowing each fund to sign a new management agreement with Amundi Pioneer Asset Management. The approvals are the result of votes on proposals identified in the definitive proxy statement/prospectus, dated 20 March, 2017.
