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Pioneer Investments: global net flows of 230 million euro in January

PIONEER INVESTMENTS: GLOBAL NET FLOWS OF €230 MILLION IN JANUARY

FIRST RESULTS OF HVB INTEGRATION ALSO PUSHED GERMANY NET FLOWS EXCEEDING 1 BILLION EUROS IN THE MONTH
(Data as of 31 January 2006)


Net flows of €230 million were achieved by Pioneer Investments in January. Total Assets under Management reached €159 billion, an increase of 0.56% since the beginning of the year.

Italy saw negative inflows of €137.1 million during January with mutual funds (Assogestioni perimeter) producing negative sales of €1.25 billion during the period. In this context Pioneer Investments has succeeded in increasing both its own market share in Italy, that reached 15.61% (+4 basis points since the end of 2005) and Total Assets under Management in Italy that at the end of the month stood at €108.3 billion, an increase of 0.31% since the beginning of the year.

The International Division (ex Italy), saw positive flows of €430 million, with important contributions from Germany (€131 million), Spain (€198.25 million), France (€75 million) and Switzerland (€51.4 million). Total Assets under Management reached €11.8 billion, an increase of 5.63% compared with the previous month.

Again at the European level, very positive results are coming from the start of the integration process with HVB. "In January the HVB channels have registered a record net flow of €1 billion, a testimony of the important existing synergies. We estimate that there is an enormous potential and we are improving our plans to generate value for our customers and shareholders" - comments Dario Frigerio, Head of Private Banking & Asset Management Division of UniCredito Italiano Group and CEO of Pioneer Global Asset Management.

The US closed the month with negative sales of €105 million, principally caused by the continued volatility in the bond market, in particular in the High Yield sector. Total Assets under Management stood at €33 billion (-0.51% since the beginning of the year); in dollar terms in the same period assets stood at $40 billion.

The New Markets division continued its growth trend, with sales of €43 million in the month. The largest contribution came from Poland (€34 million). Total Assets under Management in this division stood at €6 billion, an increase of 1.51% since the beginning of the year.

Without important variations are the net flows (net flows and AuM data are included in the reported numbers for other divisions) and Total Assets under Management of the Alternative Investments division that stood at €4.44 billion (-0.59% since the beginning of the year).


The data reported in this release has been compiled on provisional numbers, and is, therefore susceptible to change