Banco Santander has agreed to buy back a 50% stake in its asset management business from two US buyout funds, while it is also considering a sale of its Allfunds Bank platform.
The Spanish lender is returning to full ownership of its asset management arm by buying back the stake from US buyout funds Warburg Pincus and General Atlantic, according to Reuters. The asset management unit operates in 11 countries in Europe and Latin America, with around €170bn in assets under management. The bank also said it is considering a potential sale of the stockmarket listing of its Allfunds business, which has more than €200bn in AUM. Allfunds is co-owned by Santander Asset Management and Italy's Intesa Sanpaolo, with each holding a 50% stake. Earlier this month, Re...
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