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UniCredit to Offer TKB BNP Funds in Russia Amid Strategy Review

October 20, 2011

Oct. 20 (Bloomberg) -- UniCredit SpA will distribute mutual funds from Russia’s TKB BNP Investment Partners, two months after the Italian bank said it was reviewing the future of its own Russian funds unit.

UniCredit, eastern Europe’s biggest bank, will start offering TKB BNP’s 18 mutual funds in its Russian branches this month, the Russian fund manager said in an e-mailed statement today. UniCredit will be “actively cooperating” with both its own Pioneer Global Asset Management and TKB BNP, according to an e-mailed statement from the Italian lender’s Russian office.

UniCredit said on Aug. 22 that it was “reviewing strategic options” for Pioneer Global, which was set up in March 2007 to sell mutual funds in Russia. Elena Loginova, the chief executive officer of Pioneer in Moscow from its inception, left the firm in June to rejoin Deutsche Bank AG.

TKB BNP is owned jointly by Russian Railways and France’s BNP Paribas SA, and says it manages about $4.3 billion for domestic and international investors.

UniCredit plans to combine its Russian brokerage, formerly known as Aton, and UniCredit Bank Russia, previously called International Moscow Bank, two people with knowledge of the matter said in August. It wrote down the broker’s remaining goodwill in the second quarter after profit for the first half of 2011 was “about zero,” according to Francesco Giordano, chief financial officer of Bank Austria, UniCredit’s eastern European arm.

--Editors: Keith Campbell, Steve Bailey.

To contact the reporter on this story: Jason Corcoran at

To contact the editor responsible for this story: Frank Connelly at

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