View more on these topics

Santander eyes sale of Allfunds platform

Santander-700x450.jpg

Banco Santander is eyeing a sale or listing of its Allfunds platform.

Allfunds, which has more than €200bn (£172bn) in assets under management, is currently jointly owned by Santander and Italy’s biggest retail bank Intesa Sanpaolo in a half and half deal.

According to Reuters, buyout funds expressing an interest in a potential takeover of Allfunds include a consortium of Bain Capital and Advent.

Intesa Sanpaolo has confirmed is has “entered a process aimed at the possible sale of its stake in Allfunds Bank.”

Santander has also agreed to buy back the 50 per cent stake in its asset management business that is currently owned by private equity funds.

The asset management deal will give the Spanish bank full control of a division with €170bn (£146bn) in assets under management with operations in 11 European and Latin American countries.

US buyout firms Warburg Pincus and General Atlantic decided to sell their stakes after talks to merge the asset management divisions of Santander and Italian bank Unicredit fell through, a source told Reuters.

Recommended

Allfunds Danny Wynn 700x450

Allfunds hires L&G platforms director as head of fund groups

Platform provider Allfunds Bank has appointed Legal & General platforms and policy director Danny Wynn as head of fund groups for the UK, Ireland and Middle East. Wynn joins former Cofunds operations director Stephen Mohan, now head of UK platform at Allfunds. Wynn will handle relations between the platform and fund management firms.   The […]

Allfunds UK and Ireland chief Gadd steps down

Allfunds Bank head of UK and Ireland Alan Gadd is stepping down from his role at the end of April. As revealed this week by Moneymarketing.co.uk, Gadd, who joined Allfunds Bank in 2009, will continue to act as a consultant to the London office focused on implementing the RDR. Allfunds Bank global head of distribution […]

Jacques joins Allfunds in expansion role

Allfunds Bank has appointed Laurie Jaques as head of sales development for the UK and Ireland. It says the appointment is part of a bid to increase its presence in these markets under its international expansion plans. Jaques has been head of sales at Henderson and head of third party distribution at Baring Asset Management. […]

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]

India correction: a terrific entry point?

By Kunal Desai, head of Indian Equities, Neptune A key concern for investors who were looking at India afresh has been the rich valuations and strong prior performance. We view the correction in the market through short-term growth concerns from demonetisation as a terrific entry point for the long-term investor. Investors should not be overly concerned […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment