GENERAL MEETING DRAFT - Bankier.pl

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>> Report on Operations
Asset Management
The Austria business segment posted negative overall net sales during the year of € 0.7 billion. Total
ending assets, equal to € 11.0 billion, were down 16.7% compared to the beginning of the year due to a
negative effect of - € 4.1 billion owing to the adjustment made to make the representation of the AuM
related to multi assets fund programs consistent with Group reporting standards.
Making that correction to initial assets, growth from the beginning of the year stood at approximately
20.6%, due to the acquisition of new funds under management posted from AMG (€ 1.2 billion) and the
positive market effect (+14.8%).
In addition to the above mentioned assets under management, the division includes assets under
administration of € 5.7 billion.
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The Alternative Investments business line showed negative net sales during the year of € 1.5 billion. AuM
data are already included in those for the geographic business segments reported above. PAI Single
Strategy family of funds showed positive net sales (+ € 132 million).
Overall assets in hedge funds, equal to € 2.5 billion, decreased by 29% from the beginning of the year,
primarily on account of negative net flows (-42.6%) only partially offset by a positive market effect
(+13.6%).
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To offset the negative impact of the financial crisis, and ensure the business sustainability in the post
crisis environment the following initiatives, which will have an impact on the business in the next years,
were identified:
Enhancing Non Proprietary Investment and Sales Strategy: (I) focusing on core investment
strategies, (II) revisiting our geographical presence in markets where Pioneer Investments has a small
presence, (III) focusing on Global Strategic Partnerships with key distributors and (IV) improving margins
in the institutional channel.
Defining a Service Model for the Retail Proprietary Channel which brings Pioneer Investments closer
to the UCG network, allowing a better understanding of customer investment requirements, and aligning
product development strategies.
Defining Investment Performance Quality Criteria and Targets which reflect clients’ risk/return
expectations, differentiating performance evaluation according to their preferences and by product
segment.
Building a Sustainable Operational Model by enhancing Data Management through the introduction
of global processes and technology, aiming for data consistency, reducing risks and increasing efficiency
in the decision making process.