Santander Asset Management, The fund management company of the Spanish financial group Santander, has reached an agreement to acquire the asset management business of BNP Paribas Asset Management in Argentina, as announced this Tuesday by the entity.
In a statement released in Buenos Aires, Santander Asset Management highlighted that with this operation it “consolidates” its position in Latin America and increases its quota to 12% in the Argentine fund management market, where it occupies first place by volume managed.
“This operation shows the group’s commitment to Argentina and the growth opportunities that the country represents in its strategy. We are proud to continue strengthening our offer of financial services in the country and continue contributing to the progress of people,” he stated. Alejandro Butti, executive director of Santander Argentina.
With the acquisition, Santander will add the corporate pension plan business in which BNP Paribas Argentina Asset Management is already a leader in the Argentine market and will reinforce its activity in the Institutional segment.
“Today we take an important step on our path towards the manager we want to be: a leader in Europe and Latin America. With this operation we not only gain market share in the country, but we strengthen our institutional business, key to our growth strategy” , he pointed Samantha Ricciardi, executive director of Santander Asset Management.