Fortis and Santander have reached an agreement by which Santander will purchase from Fortis the Brazilian asset management activities of ABN AMRO, which Fortis acquired as part of the consortiums purchase of ABN AMRO.
Fortis will retain the Latin American institutional sales and some equity investment teams related to funds distributed through ABN/Fortis channels.
“After a thorough analysis, we concluded that, given their local character and distribution through the local retail network of Banco Real from a customer perspective these activities were more appropriately aligned to Banco Real, which will become part of Santander,” says Joan David Grim, head of Santander Asset Management.
“We are delighted that we could reach that agreement with Santander, as it enables both parties to continue to serve our customers with the best in class, tailor-made products and services. Fortis Investments will continue to manage and develop the Latin American institutional sales business, ex-Brazil, as well as certain Latin American Equities investment teams, given their international reach,” adds Richard Wohanka, CEO, Fortis Investments.
This transaction, which amounts to approximately 209 million, should be finalised in the second quarter of 2008, subject to customary closing conditions and regulatory approvals.
Fortis recently received an agreement from the Dutch regulatory authorities to move forward with the integration of ABN AMROs asset management with Fortis Investments.