Pioneer Investments: vendite nette 1° semestre 2005 sfiorano i 5 miliardi: +125% sul 2004

Total Assets under Management: +10% since the beginning of the year
June inflows continue the positive trend exceeding €500 million

Pioneer Investments closed the month of June with inflows of €544 million. In the first half of the year total inflows for the group totalled €4.8 billion (+€2.6 billion compared with the same period of last year). The non-captive channel, at €3.5 billion, now accounts for 33.3% of the assets.
Total Assets under Management stood at €142.6 billion, an increase of 1.9% compared with the previous month and +10% since the beginning of the year.

In Italy inflows for the month exceeded €394 million (+€3.5 billion in the first six months of the year). This resulted from continued positive trends in sales of Segregated Accounts and in the Third Party segment.
In mutual funds Pioneer Investments has continued to improve its position among asset management companies with a market share of 14.89% (+35 basis points since the beginning of the year).
The positive trend continued in the "Third Party" and in the Institutional segments with inflows of +€300 million.
Total Assets under Management in Italy at the end of June stood at €100.3 billion, an increase of 8.1% since the beginning of the year (+1.3% compared with the previous month).

The International division (ex Italy) recorded inflows of €47 million over the month; since the beginning of the year net flows have exceeded €830 million particularly due to sales in the Germanic speaking countries, in Spain and in the UK.
Total Assets under Management currently stand at €9.5 billion, an increase of 2.4% compared with the previous month and 21% since the beginning of the year.

The US division closed the month with negative net flows of €51 million, €286 million since the beginning of the year, due to continued redemptions in the fixed income "High Yield" segment.
The Institutional segment showed positive inflows of €57 million, in particular due to the contribution from pension funds.
Total Assets under Management in this division stood at €27.8 billion, an increase of 11.2% since the beginning of the year (+2.9% over the previous month). In dollar terms in the same period assets stood at $33.7 billion.

The New Markets division has continued its positive trend in net flows, with inflows of €153 million for the month, €688 million since the beginning of the year. In the first six months the sales were mainly concentrated in Poland although positive contributions were also seen from other countries in the division.
Total Assets under Management in this division currently stand at €4.9 billion, an increase of 25% since the beginning of the year and 7% compared with the previous month.

An inversion of the trend was seen in the Alternative Investments division, with outflows of €68 million. Since the beginning of the year the flows are still positive at €320 million (net flows and AuM data are included in the reported numbers for other divisions).
Total Assets under Management in Hedge Funds stood at €4.3 billion (+12.6% since the beginning of the year).


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