Santander takes full control of its asset management business, says source: Reuters

Banco Santander (SAN.MC) has agreed to buy back a 50 percent stake in its asset management unit from U.S. buyout funds Warburg Pincus [WP.UL] and General Atlantic, two sources familiar with the matter said.

The deal, which is close to being announced, will give Santander full control of its asset management division which is present in 12 countries with 174 billion euros ($186.37 billion)of assets under management.

Santander Asset Management and Warburg Pincus declined to comment while General Atlantic was not immediately available for comment. Santander sold a combined 50 percent stake of its asset management platform to Warburg Pincus and General Atlantic in 2013.

The deal will pave the way to the sale of Allfunds Bank, a mutual fund platform which is held by Santander Asset Management and Intesa Sanpaolo, one of the sources said.

Reuters reported on Nov. 11 that several buyout funds including a consortium of Bain Capital and Advent had approached Santander Asset Management over a possible takeover of Allfunds.