Apr
24

Santander and UniCredit Agree to Combine Asset Management Units

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LONDON — Banco Santander said on Thursday that it had reached a preliminary agreement to combine its asset management arm with Pioneer Investments, a unit of UniCredit of Italy.

The transaction would create a subsidiary with about 400 billion euros, or $429 billion, in assets under management and would be combined under a new holding company called Pioneer Investments, Unicredit said in a news release.

The deal, if consummated, would be the latest effort by Santander to reshape its asset management operations.

In 2013, Santander, which is based in Madrid and is one of Europe’s largest banks, entered into an alliance that gave the private equity firms Warburg Pincus and General Atlantic a 50 percent stake in its asset management operations…

Santander and UniCredit Agree to Combine Asset Management Units

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