LONDON, June 20 Spain's Santander
confirmed on Thursday it would base its global asset management
business in London, following last month's deal to sell half the
business and team up with private equity partners.
Britain's finance minister George Osborne had told bankers
in a speech on Wednesday evening that London had been chosen as
the hub for the asset investment arm, much of which is currently
based in Madrid.
The bank confirmed that plan, but did not have further
Santander agreed in May to sell a 50 percent stake in the
asset management arm to U.S. private equity firms Warburg Pincus
and General Atlantic LLC. The business has 600 staff
mostly in Europe and Latin America.
Santander booked a 700 million euro net profit from the
deal, which valued Santander Asset Management at 2.05 billion
euros and brings together 11 asset management companies.
It said the deal would also provide financial backing to
expand the asset management business outside of Europe and Latin
America, where most of its 152 billion euros of assets currently
under management are located.