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Warburg Pincus, General Atlantic buy 50% stake in Santander asset management unit

31 May 2013

spain_flag_170sqBanking group Banco Santander has sold a 50 per cent interest in its asset management unit to private equity majors Warburg Pincus and General Atlantic for €700m.

The deal values Santander Asset Management (SAM), which includes 11 asset management companies mainly in Europe and Latin America, at €2.05bn. According to banking sources, Warburg Pincus will take the larger stake.

Daniel Zilberman, a Warburg Pincus managing director, said, “We are pleased to once again partner with Banco Santander and work closely with Juan and the rest of the SAM’s talented management team to accelerate the company’s growth plans in Latin America, Europe and beyond.”

Santander will retain a 50 per cent stake in SAM and will distribute products managed by SAM via its retail network. The bank said the deal will enable the unit to expand the distribution of its products and services beyond the Santander branch network.

SAM aims to double its assets under management – which currently stand at €152bn – within five years.

General Atlantic managing director Jonathan Korngold said, “We are excited to help SAM further extend its leadership position globally and to enable the company to pursue the exciting set of new growth opportunities that will be available to it as an independent entity.”

Yesterday it was reported that Santander had agreed to sell a minority stake in the unit to the two buyout firms.

In October 2011, Warburg Pincus were among the private equity investors that picked up Santander US’ consumer finance unit. More recently, the firm sold its stake in US consumer finance and insurance company Primerica.

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