Santander Asset Management has informed the Spanish National Securities Market Commission (CNMV) the change of name of its Santander Select range of funds renamed as Mi Fondo Santander.
The renamed range of funds is a fund of profiled funds split into three groups of funds according their risk profile, gathering more than €7bn of assets under management.
The move, which is part of a wider restructuring process of Santander AM, aims at relaunching the range of funds by reformulating the way in which Santander designs, manages and distributes its investment products amid the implementation of Mifid II and the ongoing low interest rates’ environment.
As part of the renewal process, the Group has also created a new unit called Investment Solutions, which will be led by Cristina Rodríguez.
The new unit will be responsible for the renamed range of funds Mi Fondo, as well as for the funds’ ranges Carteras Selección and Santander Private Banking Cartera. The unit, encompassing the three main areas of the Group – retail, personal, and private banking – will also count on six more professionals besides Rodríguez. In addition, this team will be supported by nine fund selectors from both the Madrid and the London teams.
In total, the team will be responsible for €12.5bn of assets under management, from which €7.2bn belong to Mi Fondo Santander range, about €3.1bn to the Santander PB Portfolio and the remaining €2.2bn to the discretionary management portfolios.