Francesco Sandrini, senior vice-president and head of institutional investments at the firm, told epn that while the second pillar and private pension systems of these two countries are not very developed, there are many opportunities for growth.

He said: “We’re pushing hard to increase our presence in these countries. However, it can take time, as you have to first make a name for yourself, and then you can grow. Many markets like these tend to be dominated by domestic asset managers.”

Recently, Pioneer made a major move into the South American institutional market, focusing on Chile, Peru and Colombia. Many Spanish asset managers are present in South America, and Pioneer established relationships with them during the expansion.

As a result Mr Sandrini is convinced that the contacts and experience it gained in South America will help the firm expand in Spain, as it is already fairly well recognised. However, he admitted that France will be more challenging and will probably take one to two years to fully develop.

He said: “There is a strong local presence in France, so it will be more challenging, but we know that with new markets success will not take place over night. It is still a wonderful opportunity.”

The firm currently has sales offices in Madrid and Paris, but there was no word on whether or not this news meant it would be adding staff or if these offices would grow into larger entities.

Mr Sandrini did, however, mention that the firm would like to create a pan-European pension scheme that would be domiciled in Dublin and could be rolled out to the Continent.

In a separate development that is related to the Spain expansion, the firm recently appointed Sophie del Campo as country head for Spain and Portugal. She will report to Jose Castellano, head of Spain, Portugal and Latin America for the firm.

Ms del Campo will have overall responsibility for the two countries and will lead a team of seven. Pioneer’s clients in these countries are mainly institutions, private banks and distribution networks.

Mr Castellano commented that her appointment would enrich its business in the Iberian markets.

He said: “We are committed to a long-term strategy in Spain and Portugal. We have a firm belief that we now have the right ingredients to differentiate ourselves in these challenging markets where service is a key element to success.”

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