Spanish savings bank Caja Madrid has selected four foreign asset managers whose funds will be market...
Spanish savings bank Caja Madrid has selected four foreign asset managers whose funds will be marketed to customers through its branches. This is a significant development in a market in which banks have been slower than elsewhere in Europe to embrace open architecture. The four asset managers selected by Caja are Franklin Templeton Investments, JP Morgan, Fidelity and Merrill Lynch Investments. Caja is said to be Spain's second largest savings bank behind La Caixa and has more than three million customers and over 2,000 branches. There were reports earlier this year that the bank is to op...
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