Santander has expanded its private banking division with the appointment of Juan Luis Luengo as a fund selector to the firm's fund selection team, Funds People revealed.
Luengo joins the fund selection team of the bank's private banking division in Madrid to be responsible for fixed income and balanced funds. Prior to his appointment, Luengo worked for the business development department of Banco Popular and latterly of Santander for five years.
Previously, he worked at Citi during a decade, responsible for the analysis and selection of funds.
Luengo joins Santander Private Banking's fund selection team in Madrid, led by José María Martínez-Sanjuán, who had been leading the bank's fund selection unit in London until it was relocated to Madrid last year in June.
The relocation implied that five out of the ten members the team had were relocated to the offices of Santander in Madrid, split between the firm's private banking unit and its asset management division, both part of Santander Wealth Management division. The remaining five were already based in Madrid.
The unit, called Manager Research and Selection, had been headquartered in UK's capital since 2012 responsible for analysing and selecting the funds of international fund managers that were distributed through the firm's fund of funds and discretionary portfolios.