Santander outside US asset management, after agreement with … – Investing.com Spain

(Reuters) – Italian bank UniCredit (MILAN and Santander (MADRID have signed an agreement to merge their asset management business which, in practice, will leave the bank Spanish outside any involvement in operations in the US for regulatory affairs, three sources close to the operation.

said “The agreement on the future of Pioneer has been reached and the official signing is only a matter of days, if not hours “, said Wednesday a source.

Under the agreement, to manage the business in the United States, a holding company owned equally be created UniCredit one hand and funds Warburg Pincus Private Equity and General Atlantic on the other, another source said. The two funds are already partners in the subsidiary asset management Santander.

This new holding, besides controlling operations in the US, possess two thirds of a sub-holding which includes Santander Asset Management and activities Pioneer in the world. Santander will own the remaining third of this sub-holding, sources said.

Spokesmen for UniCredit, Santander and Pioneer declined to comment. In September, the two banks said they were talking to merge Santander Asset Management and UniCredit Pioneer Unit to create one of the top 10 European fund managers who oversee about 400,000 million in assets.

( In Emma Pinedo)

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