Pioneer Investments: global net flowsn exceed 770 euros in December

Net flows of nearly €10 billion since the beginning of the year (+175% on 2004)
Market share in Italy reaches 15.57% (+103 basis points since the beginning of the year)
(Data as of 31 December 2005)


Net flows of over €770 million were achieved by Pioneer Investments in the month of December, €9,782 billion since the beginning of the year (€3,556 billion in 2004).
Total Assets under Management reached €158.1 billion, an increase of 18.1% since the beginning of the year and +1.6% compared with the previous month, due to the positive effect of the equity market (+1.1%) and of the net flows (0.5%).

Total inflows in Italy exceeded €570 million (+€7.5 billion since the beginning of the year) confirming Pioneer Investments' leading position for Net Sales. Mutual funds (Assogestioni perimeter) achieved sales of €874 million. Pioneer Investments, with sales of €5.5 billion, accounted for 66% of total inflows in the system in 2005 (€8.4 billion).
Total Assets under Management in Italy at the end of the month stood at €108 billion, an increase of 16.4% since the beginning of the year and +1.7% compared with the previous month.

The International division (ex Italy) saw positive flows of €236 million in the month (+€1.9 billion since the beginning of the year), with important contributions from France (€60 million), Germany and Spain (€47 million each). Total Assets under Management currently stand at €11.2 billion, an increase of 2.4% compared with the previous month (+42.1% since the beginning of the year).

The US closed the month with negative sales of €158 million, principally caused by the continued volatility in the bond market, in particular in the High Yield sector. Total Assets under Management in this division stood at €33 billion (+12.5% since the beginning of the year); in dollar terms in the same period assets stood at $39 billion.

The New Markets division continued its growth trend, with sales of €130 million in the last month. The largest contribution came from Poland (€114 million), followed by the Czech Republic (€6.8 million) and Slovakia (€5.3 million). Positive inflows of €1.3 billion were achieved since the beginning of the year, an increase of 84% compared to 2004. Total Assets under Management in this division stood at €5.9 billion, an increase of 52.2% since the beginning of the year and 4.4% compared with the previous month.

The Alternative Investments division (net flows and AuM data are included in the reported numbers for other divisions) reported negative flows in the month of -€67 million, (+€207 million since the beginning of the year).
Total Assets under Management in Hedge Funds stood at €4,467 billion, an increase of 16% since the beginning of the year.


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