Amundi is in exclusive negotiations with European commercial bank UniCredit in relation to the possible sale of money manager Pioneer Investments.
Amundi and Pioneer's parent company UniCredit announced they had entered into exclusive negotiations regarding the &euro225.8 billion ($239.1 billion) firm in a joint statement on Monday.
UniCredit said in November it was fielding offers to acquire the money manager. Amundi confirmed its interest in Pioneer in October.
UniCredit said in July it was undertaking an in-depth, group-wide strategic review, focusing on how to reinforce and optimize its capital position, improve profitability and “ensure continuous transformation of operations whilst maintaining flexibility to seize value creating opportunities.” The review covers all major areas of the bank, the outcome of which will be revealed at a Capital Markets Day in London on Dec. 13.
Pioneer had been set for a merger with Santander Asset Management, but the agreement was terminated in July.
Amundi has more than €1 trillion in assets under management.