GENERAL MEETING DRAFT - Bankier.pl

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>> Report on Operations
Asset Management
Asset Management operates under the brand Pioneer Investments, the asset management company
within the UniCredit Group specialising in the management of customer investments.
The business line, a partner of many leading international financial institutions, offers investors a broad
range of innovative financial solutions, including mutual funds, hedge funds, assets administration,
portfolios for institutional investors and structured products.
During the first half of 2009, the AM sector continued to feel the negative effects of the reduced world
economic growth and the risk aversion which led customers to invest in more traditional banking deposits
and money market funds.
In the second half of the year, the trend reversed following the partial rebound of the markets, and
net sales were positive for Pioneer Investments at € 8.4 billion.
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In 2009, Pioneer Investments posted a profit before tax of € 287 million, a decrease of € 312 million
(-52%) compared to 2008.
Income Statement (€ million)
YEAR CHANGE 2009
CHANGE 2008
2009 2008 % Q4 Q3 % Q4
ASSET MANAGEMENT ON Q3 '09
Operating income 733 1,088 - 32.7% 209 184 + 13.9% 214
Operating costs -455 -508 - 10.5% -104 -125 - 17.1% -115
Operating profit 278 581 - 52.1% 105 58 + 80.7% 99
Profit before tax 287 599 - 52.1% 107 59 + 82.4% 96
Operating income was € 733 million, down 33% compared to 2008, primarily due to the decrease in
management fees associated with the lower assets managed and a more conservative asset mix with
lower risk and lower margin products.