Santander AM targets US market for growth
Santander Asset Management, the asset management division of Spain’s Santander Group, has set a growth target in the United States, and has appointed Jose Manuel Garcia de Sola to lead the group expansion towards North America.
According to sources close to the bank, the decision to target US clients for asset management services follows substantial investments made by Santander in the US market over the last years.
The Spanish group has more than 700 retail branches in the North Eastern part of the US, and has already established broker dealer services and private banking in Miami.
This is a common pattern for Santander AM, which to grow in foreign markets usually follows footprints set by the retail banking division.
Before joining Santander, García de Sola spent more than 10 years at Banif, part of the same group, where he was managing director.
García de Sola will be responsible for the development of Santander AM’s best strategy to leverage on this presence and to exploit untapped opportunities for asset management services in the country.
Santander AM is present in 15 countries, and has more than €145bn assets under management with a team of over 550 professionals.
The company is particularly strong in Latin America, where Santander AM is the largest regional asset manager according to data by FundPro.