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Pioneer Investments: strong first half results

Net Sales: €4.7 billion

Net Income: €118 million


First half 2005 results for Pioneer Investments, the Asset Management company of the UniCredit Group, show a clear improvement in sales and financial results, and in the performance of the managed portfolios.

SALES
In the first six months of the year Pioneer Investments recorded inflows of €4.7 billion. This represents an increase of €2.5 billion (+110%) compared with the same period of last year.
Assets under Management reached €142.6 billion, compared to €129.6 billion at the beginning of 2005, an increase of 10% (3.6% net sales effect, 6.4% market effect).

In Italy total net inflows exceeded €3.5 billion due to important agreements with third parties, coupled with good sales within the UniCredit Group. Pioneer Investments became the second largest manager in the domestic market, with a market share of 14.89% (+35 basis points since the beginning of the year).

In the rest of the world inflows exceeded €1.2 billion, due in particular to sales in New Europe, the German speaking countries, Spain, France and Asia.

FINANCIAL RESULTS

  • Managerial EBIT for the period is €230 million, an increase of 22% compared with the 2004 results.
  • Revenues have exceeded €410 million. On a like-for-like comparison with 2004, the increase for 2005 is 13.4%.
  • Expenses for the reported period were €185 million, showing an increase of 4.3% comparing 2005 to 2004 figures.
  • Cost/income was equal to 46.5% against 52.6% at the end of June 2004.
  • Net income for the period was €118 million. This figure is ahead of 2004 data by €16 million.


PERFORMANCE
Over the first half of 2005 our mutual funds performed strongly, achieving a high market position (an average 33rd percentile rank against their Italian and Lipper peers).
During the period our fixed income portfolios improved their performance to an average 29th percentile rank versus peers. In equity portfolios, the results achieved by Emerging Market portfolios were of particular note, achieving a 1st quartile ranking.

In May, the Fitch Ratings agency upgraded the Asset Manager Rating for Pioneer Investments from AM2 to AM2+; confirming Pioneer investments' position at the highest level of the industry, especially in the areas of investments and governance.