15 January 2014
Carey Olsen acts for lenders in the acquisition of Santander’s asset management business
Carey Olsen, acted as Jersey counsel to Deutsche Bank and the syndicate of lenders in connection with the senior secured financing for the acquisition by Warburg Pincus and General Atlantic of a 50 percent stake in Jersey holding company that integrated Santander’s Asset Management businesses. The remaining 50 percent continues to be owned by Banco Santander.
Santander Asset Management, which the transaction valued in excess of EUR 2 billion, is a global asset management business headquartered in Madrid. The company currently operates in 11 countries throughout Europe, Latin America and North America and has assets under management of approximately EUR 150 billion through mutual funds, pension funds and institutional mandates, which invest in a wide range of underlying assets. Santander Asset Management has exclusive distribution access to Banco Santander’s retail branch network and is also focused on building up its independent institutional business.
The Carey Olsen team was led by partner Robin Smith and included senior associate Kate Andrews and associates David Taylor and Bryony Bird.