Pioneer Investments, which has spent the past 18 months integrating the asset management business of Germany's HypoVereins Bank, saw new business flows of €11.6bn ($15.1bn) in 2006 and is now set to increase its focus on global equities.

The €11.6bn in new business came from clients in 14 countries, but was concentrated in Germany and Austria, where Activest and Capital Invest are based.