Aberdeen AM among front runners of Pioneer suitors

According to Reuters, the auction for the $3.35 billion unit has moved to a second stage, with Aberdeen thought to be carrying out due diligence on the business, which assets of $246bn under management.

Amundi, Europe’s biggest asset manager and an Italian consortium led by Poste Italiane are also reported among the quartet of front runners.

Australia’s Macquarie is also in the second stage after all four submitted the highest non-binding bids submitted last month.

UniCredit, Amundi, Poste Italiane, Macquarie and Aberdeen declined to comment.

UniCredit seeks to raise around €3 billion from the sale of Pioneer, a deal seen as crucial to plug a gap in its capital requirements estimated to be as big as €8 billion.