GLOBAL – A European institutional investor is responsible for over half of the €4.8bn of inflows netted by Pioneer Investments in the first half of 2005.

“I can confirm that over half of the inflows were due to new institutional mandates,” a Pioneer spokeswoman told IPE. She declined to name the investor.

The firm, part of UniCredito Italiano, recorded first-half net sales of €4.8bn, up €2.6bn on the same period last year.

Pioneer said its total group assets under management had grown 10% to €142.6bn, including €3.5bn of flows from channels not related to Pioneer.

Its Italian division posted net sales of €3.5bn which it ascribed to positive sales trends in segregated accounts and the third-party segment.

At end-June it had total assets under management in Italy of €100.3bn, up 8.1%.

The international division, excluding Italy, recorded net flows of €830m bolstered by “strong contributions from the Germanic region, Spain and the UK” and had total assets under management that rose 21% of €9.5bn, it said.

Poland was the focus of sales for the new markets division, which had inflows of €688m and asset under management that rose 25% to €4.9bn.

The alternatives division posted flows of €320m and had total assets under management in hedge funds of €4.3bn, up 12.6%.

The US division closed period with negative net flows of €286m, although its institutional segment posted inflows of €57m, with a strong contribution from pension funds.


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