Banco Santander has entered talks over a possible merger of its asset management business with Pioneer Global Asset Management.
The bank announced this morning on the London Stock Exchange that it is “exploring” the possible integration alongside its partners Warburg Pincus and General Atlantic of Santander Asset Management with Pioneer.
Pioneer is a subsidiary of UniCredit operating across 27 countries. The firm launched its first UK-registered fund back in August 2012 to allow UK investors access to nine of its investment strategies.
Santander Asset Management is currently controlled by both Santander and Warburg Pincus and General Atlantic. In 2013 Banco Santander shifted the majority of its asset management companies to Warburg and General Atlantic.
Banco Santander stresses that no agreement has been reached at this stage surrounding the potential structure or the terms of a potential transaction.