SAO PAULO (Reuters) - The asset management arms of Banco Santander SA and JPMorgan Chase & Co have signed a partnership in Brazil, both companies said in a statement on Tuesday.
JP Morgan Asset Management will transfer management of its Brazilian investment funds to Santander, after investors’ approval, and Santander Asset Management will distribute to its local clients some of the global funds managed by JPMorgan Asset.
Santander has 263 billion reais ($81.4 billion) in assets under management in Brazil, with more than 1 million local investors. JPMorgan has $1.6 trillion in assets under management globally.
The agreement does not involve any joint venture or changes in ownership in the asset management companies, the statement added.
Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by David Gregorio