GENERAL MEETING DRAFT - Bankier.pl

85
>> Report on Operations
Asset Management
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In 2009, the Pioneer group’s net sales were negative overall by € 1.9 billion. However, positive flows were
recorded among the Pioneer Group’s most important divisions: the International business line showed
positive net flows of € 1.9 billion; similarly the US Division, net of run off of CDOs, had positive net sales
of € 1.3 billion, as did the Italy retail channel, which ended the year with positive net sales of € 1.3 billion.
To be noted in the second half of the year, net sales were positive at € 8.4 billion, due to the positive
contribution of the UCG proprietary channels and the reclassification to assets under management for
funds previously included in assets under administration in Germany.
Assets under management stood at € 175.8 billion.
The increase of 5.5% from the beginning of the year was affected in part by the negative impact (-€ 4.1
billion) associated with the adjustment made in Austria to make the representation of AuM linked to multi-
asset fund programs consistent with Group reporting standards.
Net of this adjustment, growth stood at around 8.0%, due to positive market effect (+ 8.3%) and the
acquisition of new assets under management of € 2.3 billion (+1.4%) in US and Austria.
(*) Including adjustment made in Austria to make the representation of AuM consistent with Group reporting standards
Germany
13,5%
International
4,6%
US
18,3%
CEE
3,2%
AuM by distribution area
Austria
6,3%
Italy
54,0%