Santander Snags ABN Brazil Asset Management

Fortis will sell ABN AMRO’s Brazilian asset management activities to Santander for $310m. Fortis got the asset management business when Fortis, Santander and RBS bought ABN, but the banks found that it was most suited to the local capacities of ABN’s Banco Real unit, now part of Santander. Fortis will continue to develop LatAm institutional sales outside Brazil, as well as certain LatAm equity investment teams.