Cleary Gottlieb is representing private equity groups Warburg Pincus and General Atlantic in connection with the sale to Banco Santander of their 50 percent stake in Santander Asset Management, a holding company that integrated Santander’s global asset management business.
Warburg Pincus and General Atlantic acquired their 50 percent stake from Banco Santander in 2013.
The Madrid-based bank will regain 100 percent ownership of Santander Asset Management, which has €170 billion of assets under management and generates €1.1 billion of annual fee income. Completion of the transaction is subject to customary conditions, including regulatory and antitrust approvals.