Pioneer InvestmentsPress Conference Slovenia
DDr. Werner Kretschmer | 28th of September 2007
Press Conference Slovenia | 28th September 2007 | Page 2
Pioneer Investments
Our Mission….
To create sustainable value for our clients through growing and preserving their assets
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Agenda
Corporate Overview
CEE story so far
Opportunities and challenges
Strategy for Slovenia
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Strong Parentage
Pioneer Investments is owned by UniCredito Italiano S.p.A.
UniCredit is the first truly European bank
– One of the largest banking and financial services organizations in Europe
– market capitalization: over €67 billion as at 19 July 20071
– 35 million customers, over 7,000 branches and 135,857 employees2 (as at 31 March 2007)
UniCredit has a strong geographic presence
– UniCredit is a global player with coverage in 5 continents
Strong credit rating:
– Moody’s Aa2 ( as at 22 June 2007)
– Standard & Poor’s A+ (as at 18 July 2007)
UniCredit Group
Retail Division Corporate DivisionPrivate Banking
Division Asset Management
Division
Markets & Investment Banking
Division
Poland’s Markets Division
CEE DivisionGlobal Banking
Services Division
1. Source: Pioneer Investments2. These figures include all employees of Koç Group which is consolidated proportionally.
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Pioneer Investments
– A presence in 25 countries worldwide
– AUM: €237.6 billion as at 30 June 2007
– Over 2,350 employees, thereof more than 300 investment professionals
Global Presence – Local Insight
Source: Pioneer Investments as at 30 June 2007
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Fitch Ratings rates Pioneer Investments as “strong"
“Generally stable”
“Well-capitalised”
“Highly experienced, tenured management teams”
“Experienced front-, middle-, and back-office staff“
“Strong risk management and internal control functions”
“Frequent investment analysis and monitoring, forming a disciplined approach.”
“Strong investment administration capabilities”
“Good analytical and decision-support tools”
Under the new Fitch Rating system introduced in June 2007, Pioneer Investments* receives an "M2" score ("Strong")
Qualities of "M2" rated organisations, according to Fitch:
*Fitch Ratings’ Manager Rating applies to the Milan, Dublin and Boston operations of Pioneer Investments.
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Pioneer Global and Integrated
Pioneer Investments
model
Distribution Channels
Retail & Private Proprietary Third Party/Wholesale Institutionals
Reputation
Values Brand Culture
Investment solutions Open/Closed
Mutual funds Hedge funds Segregated
accounts Guaranteed &
VAR products Asset allocation Pension
products
Total
CEE
USA
International
Germany
Italy
AuM eur bnAssets
Austria(1)
256.1
10.6
51.2
16.0
49.5
110.3
18.5
15 TOP STARFUNDS
Data as per 30 June 2007 (1) Pioneer Investments Austria is currently a subsidiary of Bank Austria Creditanstalt
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Agenda
Corporate Overview
CEE story so far
Opportunities and challenges
Strategy for Slovenia
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Source: Pioneer Investments, as of 31/03/2007(1) Including market share of ZB Invest, Croatia (2) Market share of Yapi Kredi Asset Management
11
8
7
5
4
2
1
1
1
Ranking
Slovenia
Romania
Slovakia
Hungary
Czech Rep.
Turkey(2)
Poland
Bulgaria
Croatia(1)
Marketshare in %
5.8
2.8
29.9
23.5
22.3
20.0
7.0
8.0
2.3
Pioneer Investments is the Number One Player in the CEE Region …
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… with a Diversified Portfolio
Breakdown of assets in CEE
46.4%Balanced
32.6%Equity
Others
21%
Turkey
CroatiaFurther AuM non-consolidated
Pioneer AuM total
AuM total
Russia
RomaniaSlovenia
Bulgaria
Slovakia
Czech Rep.
Hungary
3,271(2)
1,061(1)
10,170
14,502
start up
1265
77
130
628
1,273
7,985Poland
AuM eur mlnPioneer Investments
Source: Pioneer Investments, as of 31/5/2007(1) including AuM of ZB Invest, Croatia(2) AuM of Yapi Kredi Asset Management
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Agenda
Corporate Overview
CEE story so far
Opportunities and challenges
Strategy for Slovenia
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CEE is One of the Fastest Growing Regions, being Reflected in Strong Growth of Household Wealth
eur bn
Estimated growth of Household Wealth 2006-2009
11
29
77
60
182
23
24
23
177
155
+8
+13
+21
+15
+72
+16
+12
+10
+209
+63
Bulgaria
Croatia
Czech Rep.
Hungary
Poland
Romania
Slovakia
Slovenia
Russia
Turkey
Wealth 2006
Wealth Growth 06-09
CEE + Russia:
CAGR 16.4% p.a.
from eur 760 bn in 2006to eur 1,200 bn in 2009
Source: New Europe Households‘ Wealth and Debt Monitor, UniCredit May 2007
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with Funds amongst the Most Demanded Products
CEE + Russia:
CAGR%
deposits + currencies 15%
securities + shares 11%
mutual funds 22%
Insurance 18%
pension funds 21%
Estimated cumulative growth of bank deposits vs. funds 2006-2009
Bank deposits%
Bulgaria
Source: New Europe Households‘ Wealth and Debt Monitor, UniCredit May 2007
Mutual funds
15.3
54.1
7.1
13.3
6.4
14
5.7
10.2
6.5
18.620.8
60.5
7.9
16
3.0
20.3
27.9
40.8
15.0 15.5
Croatia Czech Rep.
Hungary Poland Romania Slovakia Slovenia Russia Turkey
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Agenda
Corporate Overview
CEE story so far
Opportunities and challenges
Strategy for Slovenia
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Leverage on Group Strengths to Meet Local Needs
LEVERAGE ON
a wide range of global products
strong, experienced distribution channels, close to the market
being a highly - reputed international player
TO MEET DEMANDS IN A CHANGING ENVIRONMENT IN SLOVENIA
wider range of EUR investment possibilities
more sophisticated products
appetite for wider geographic allocation
increased sensitivity to quality
- > enhance the existing product range by Pioneer Luxembourg domiciled family
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European US Global Emerging & Far East
European Small Companies U.S. Mid Cap Value Top Global Players Emerging Markets Equity
Eastern European Equity
Greater China EquityTop European Players U.S. Research
Japanese Equity
Pacific (Ex. Japan) Equity
The correct legal name of the Sub-funds should be pre-fixed by “Pioneer Funds”.
Luxemburg Domiciled FundsEquity Funds
U.S. Pioneer Fund
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The correct legal name of the Sub-funds should be pre-fixed by “Pioneer Funds” and “Pioneer P.F.”
Focus on Mutual Funds - Our Fixed Income RangeShort-Term
Euro Short-Term
Global and Emerging
Emerging Markets Bond
International Bond
European
Euro Bond
Luxemburg Domiciled FundsBond Funds and Short-Term Funds
Portfolio Funds
Global Defensive Plus
Global Dynamic Plus
Global
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Disclaimer
- This document is produced for additional information and only in regard to the non public offering of the units or the reporting activities of certain funds as mentioned before and shall not be constituted as an offer, a recommendation or an invitation to buy or sell any securities or to invest in indices or markets referred to therein, nor shall it form the basis of or relied upon in connection with any contract or commitment whatsoever. Any opinions or statements included herein constitute our judgment at the time specified and may be subject to change without notice. The information, opinion or statement in this document have been compiled, or arrived at, based upon information obtained from sources believed to be reliable and made in good faith. However no representation nor warranty, express or implied, is made to its accuracy or completeness. Pioneer Investments, therefore accepts no liability for any loss arising, whether direct or indirect, which may be caused by the use of any part of the information provided.
- All rights in respect of translation adaptation, total or partial reproduction of this document, by any process whatsoever, in any country whatsoever, are reserved unless Pioneer Investments has given its consent.