GENERAL MEETING DRAFT - Bankier.pl

��������������
The business segment USA ended the year with negative net sales of € 0.2 billion and assets of € 32.2
billion (US$ 46.4 billion), up 8.5% from the beginning of the year primarily as a result of the favourable
trend of the market component (+10,7%), partially reduced by negative net sales (- 0.8%) and by the
exchange effect (- 3.4%).
During 2009 the US acquired Regions Morgan Keegan funds amounting to US$ 1.5 billion, this
transaction closed in the second quarter of 2009.
Net of the run off of CDOs associated with Vanderbilt, net sales were positive at € 1.3 billion. Excluding
both CDOs and Regions Morgan Keegan acquisition, final AuM amounted to € 25.5 billion (US$ 36.9
billion), an increase of 20.4% compared to the end of the previous year.
������
The business segment Italy assets under management stood at € 95.0 billion, an increase of 6.6% from
the beginning of the year, primarily due to the positive market component of € 6.8 billion (+7.6%), partially
offset by negative net flows of € -0.9 billion (-1.0%).
In the fourth quarter, net sales were positive (+ € 1.7 billion) primarily due to the favourable contributor of
the Mutual Fund and Traditional Insurance segments. Retail channel was the main positive contribute (+ €
1.9 billion). Pioneer Investments market share increased from 15.62% in the third quarter to 15.65% in the
fourth quarter of 2009. Year end 2008 market share was 16.17%.
��������
The German business ended the year with negative net sales of - € 0.9 billion (- € 2.9 billion in the first
quarter of 2009), primarily due to refocusing of mandates in the Institutional channel. Assets, equal to €
23.8 billion, decreased by 1.0% from the beginning of the year, primarily due to the negative effect of net
sales (-3.9%) 1 , partly offset by the market’s positive trend (+2.9%).
In addition to the assets under management mentioned above, the business line includes assets under
administration of € 0.5 billion (€ 3.9 billion at the beginning of the year) 2 .
��������������
During the year, the International business segment posted positive net sales of € 0.9 billion overall, due
primarily to growth in India (€ 300 million), Spain (€ 232 million), France (€ 336 million) and the Middle
East (€ 306 million).
Assets, equal to € 8.1 billion, were thus 38.1% higher than the amount at the beginning of the year, in part
due to positive market effect (+22.7%).
����
The CEE business line ended the period with relatively flat net sales (- € 37 million), Pioneer Pekao
nevertheless confirmed its leadership among asset management companies with a market share of
16.35%.
Due to positive market effect (+19.5%) the assets under management, equal to € 5.6 billion, were up
18.7% from the beginning of the year.
1 Includes € 2.1 billion in flows relative to the HVB pension fund, previously included in assets under administration
2 The flows for the HVB pension fund (€ 2.1 billion) were reclassified under assets under management
2009 CONSOLIDATED REPORT AND ACCOUNTS
86