The combined firm will preserve the name Pioneer Investments and will rank among the top 10 such firms in Europe.

Pioneer Investments and Santander Asset Management (SAM), and affiliates of the private equity firms Warburg Pincus and General Atlantic will join forces in one of the biggest asset management companies worldwide. This has become possible after the reached preliminary agreement.

The signed preliminary agreement will lead to the establishment of a holding company, with the name Pioneer Investments, which will control Pioneer’s US operations along with the combination of Pioneer and SAM's operations outside the US, Europe included. UniCredit and the Private Equity Firms will each own 50% of the holding company, which will in turn own 100% of Pioneer US, and 66.7% of the combination of Pioneer and SAM's operations outside the US, while Santander will directly own the remaining 33.3% stake. The combined firm will continue to operate as one global entity, led by a single global management team, focusing on meeting the needs of its clients worldwide.

The headquarters of Pioneer Investments will continue to be in London. CEO becomes Juan Alcaraz, current CEO of SAM. The CIO will be Giordano Lombardo, current CEO and CIO of Pioneer Investments.

The combined firm Pioneer Investments will have approximately €400 billion in assets under management. It will rank among the top 35 management firms globally and top 10 in Europe by assets.

“The cooperation between Pioneer Investments and UniCredit will remain unchanged and will have the same features –names of funds, investment strategies, etc. We will continue to work with unchanged conditions with regard to fees, commissions, etc. with our clients in Bulgaria, in accordance with the concluded agreements”, said Yavor Achev, director of Pioneer Investments for Bulgaria.

The preliminary agreement is based on an Enterprise Value of €2.75 billion for Pioneer Investments and €2.60 billion for Santander Asset Management.

The partnership of the two companies will lead to expanding the business's diversification with respect to investment strategies, distribution channels and region. In 2014 the two companies had total combined net inflows of over €25 billion.

The combined Pioneer Investments will be represented in over 30 countries, some of which in regions where the company has strong roots such as North and Latin America, along with its leadership in Europe. The new asset management company will have greater opportunities to expand in the markets in which it operates.

Pioneer Investments

Pioneer Investments is a leading global asset manager with a presence in 28 countries and an experienced team of over 2,000 employees, including more than 350 investment professionals. Pioneer is a world-renowned company, managing investments in the leading global capital markets.

Pioneer manages €225 billion in assets. In 2014, it had over €13 billion global net sales, and ranked among the top 5 highest selling asset managers in Europe and 10th worldwide.

Santander Asset Management

Santander Asset Management is a global asset manager with strong local roots in Europe and Latin America. With a presence in 11 countries, it has assets of €172 billion across all types of investment vehicles, from investment funds and pension plans to institutional mandates.

Santander Asset Management has over 755 employees worldwide, of which around 220 are investment professionals with over ten years of experience in asset management. Its investment process, the analytical capabilities of local teams and strict risk control facilitate an in-depth knowledge of market opportunities as well as the varying needs of its customers, and are a distinguishing feature of Santander Asset Management.

Further information for clients:

UniCredit Bulbank, Call Centre

Phone number: 0700 1 84 84

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch