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Pioneer investments: positive net flows in February total more than euro 460 million

Net Flows of +€ 468 million were achieved by Pioneer Investments in February (+€ 439 million since the beginning of the year), due mainly to the contribution achieved in Europe.
Total Assets under Management reached € 132.5 billion, an increase of 2.3% compared with the end of 2004 (+0.7% versus the previous month) due to the positive net sales effect (+0.3%) and market effect (+2%).

Italy closed the month with inflows of +€ 215 million, due to a positive contribution from Segregated Accounts, Pension Funds and Hedge Funds. Since the beginning of the year total net flows were positive at +€ 30 million.
Positive sales trends were seen in the Institutional (+€ 39 million) and "Third Party" (+€ 85 million) segments.
Total Assets under Management in Italy at the end of the month were €93.9 billion (+1.2% since the beginning of the year).

The International division (ex Italy) was particularly positive with inflows in excess of € 196 million (+€ 380 million since the beginning of the year) due to good sales of mutual funds in Germany (+€ 58 million) and by the placement of the Momentum funds of hedge funds in Switzerland (+€ 38 million). Positive results were also seen in Spain and the UK.
Assets under Management for this division increased by 1.1% compared with the previous month (+8.7% since the beginning of the year) and currently stand at € 8.7 billion.

The US division closed the month with outflows of € 88 million (-€ 210 million since the beginning of the year), due to redemptions in the Pioneer High Yield Fund.
Total Assets under Management in this division stood at € 25.7 billion, an increase of 2.6% since the beginning of the year.

The New Europe division recorded inflows of €145 million with most of the net flows coming from Poland; total net flows were € 239 million since the beginning of the year.
Positive contributions were seen during the month from the Czech Republic and Slovakia.
Total Assets under Management increased by 9.4% compared with the end of January (+12.8% since the beginning of the year) and currently stand at € 4.2 billion.

Inflows were positive for Alternative Investments at € 114 million (net flows and AuM data are included in the reported numbers for other divisions); in the first two months net flows were +€ 177 million.
Particularly significant results were achieved by the Italian subsidiary of Pioneer Alternative Investments (+€ 52 million), and by the placement of the Momentum funds of hedge funds at the international level (+€ 97 million).
Total Assets under Management in Hedge Funds stood at € 4,1 billion, an increase of 1.9% compared with the previous month and 7.9% since the beginning of the year.