Bloomberg News

UniCredit’s Pioneer to Move Singapore Investment Desk to London

June 22, 2011

June 23 (Bloomberg) -- Pioneer Investments, a unit of UniCredit SpA, Italy’s biggest bank, said it is moving its investment activities in Singapore to London, which will become its emerging-markets investment center.

Pioneer, which manages more than 181 billion euros ($259 billion) worldwide, is offering employees in Singapore other investment positions in London or “suitable redeployment options” in other cities such as Mumbai and Dublin, the Milan- based firm said in an e-mailed reply to queries from Bloomberg News. The “strategic business” move will lead to some job cuts, it said. The firm is not closing its operations in Singapore.

“We are presently discussing with the affected individuals the best way to manage the process and the effects on their roles,” Pioneer said, without specifying the number of employees affected. “The key senior portfolio managers responsible for the investment strategies currently managed from Singapore will remain the same.”

Pioneer has 30 employees in Singapore, including its sales, investments and administration teams, it said. It managed 1.35 billion euros in the Asian city-state as of April, including equities investment strategies that focus on China, India, Asia outside Japan and North Asia, it said.

Singapore Presence

Its Singapore office will be the main center for sales and distribution to support its business in Asia, the firm said.

“We are not closing our operations in Singapore,” Pioneer said. “Asia remains key to our overall business strategy, and Singapore, as our Asian sales hub, will be the base from which we will increase our market penetration in Taiwan and Japan and look at other market entrance strategies in this region.”

Pioneer is developing a centralized emerging markets investment center in London as part of a new business plan aimed at accelerating the organic growth of its business, it said.

The decision to move the investment desk in Singapore to London is the “first significant move” in its new growth strategy, it said.

Emerging markets strategies, which cover Asia, “is a very important asset class for us and our aim is to strengthen these capabilities further,” Pioneer said.

--Editor: Linus Chua, Andreea Papuc

To contact the reporter on this story: Netty Ismail in Singapore nismail3@bloomberg.net.

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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