| UniCredit, Italy's biggest bank by assets, is expected to pick a partner for exclusive talks to buy a stake of up to 50 percent in its asset management division Pioneer towards the end of September, two sources familiar with the matter said.
The sources said on Wednesday Spanish bank Santander and a consortium comprising private equity fund CVC Capital Partners and Singapore sovereign fund GIC were the two strongest contenders, even though U.S. fund Advent was also in the frame. The proposal by CVC and GIC, who are advised by Deutsche Bank, aims to boost Pioneer's expansion across the United States, Europe and Asia and make the asset manager less reliant on UniCredit, according to one of the sources..........................................Full Article: Source
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