MILAN, Dec 16 Reuters UniCredit has struck an accord with asset manager Azimut Holding in a move that will see the Italian bank bring back inhouse a feeyielding business 10 years after parting ways with its Pioneer asset management arm.

Under the accord, whose financial terms were not disclosed, Azimut will set up in Ireland an asset manager of which UniCredit can acquire control in five years at the latest.

In an effort to rebuild UniCredit39;s depleted capital reserves, then UniCredit CEO Jean Pierre Mustier in 2017 sold Pioneer to Amundi, signing a partnership that expires in 2027.

Sources had told Reuters Mustier39;s successor, Andrea Orcel, had tried in vain to renegotiate the terms of the accord with the French asset manager and relations between the two partners had soured.

This accord gives UniCredit the chance to reinternalise a fundamental piece of our asset management business, Orcel told a press conference on Friday.

Asked about the implications of the call option in the Azimut deal for the Amundi partnership, Orcel did not rule out UniCredit could seek other partners after 2027.

Azimut39;s Irish asset management company will develop products to be distributed through UniCredit39;s network in Italy on a nonexclusive basis.

Azimut Chairman Pietro Giuliani said two of the company39;s CEOs had a meeting scheduled on Monday with Irish regulators to discuss the project.

Shares in Azimut rose 5 following the letter of intent, topping Italy39;s bluechip…