Santander AM acquires the asset management and investment fund operation business of BNP Paribas in Mexico

2023-12-15 15:25:30

Photo: Javier Martínez

Santander Asset Managementthe fund manager of Santander Bankhas acquired the asset management and investment fund operation business of BNP Paribas in Mexico.

The operation must still obtain the corresponding regulatory approvals. The objective is for Banco Santander’s fund manager to increase its service offering in Mexico, adding life cycle strategies, and entering the insurance business for the administration of technical reserves.

Likewise, the acquisition will reinforce the activity of Santander Asset Management in the institutional segment, which is considered one of its key long-term strategic lines.

In the opinion of the general director of Banco Santander Mexico, Felipe García Ascencio, «The transaction is another example of the commitment that the Santander Group has with Mexico and the relevance of the country in our global growth strategy. “We are very optimistic regarding the prospects for the growth of domestic savings in Mexico and its sophistication in terms of investment vehicles in which we will play, through Santander Asset Management, an increasingly relevant role.”

Last November, Banco Santander already announced an agreement with BNP Paribas to acquire its asset management business in Argentina. This operation has given Santander AM an increase in its market share in Argentina, reaching 12%, becoming the first manager by volume managed.