The Popular brand and its products gradually fade among the huge structure of Santander. The manager of the Cantabrian bank has begun to merge the funds of the former private bank of Popular with your own. This step comes after having renewed the board of Allianz Popular Asset Management in full and after integrating the first of its managers.
In one fell swoop, Santander Asset Management funds they have absorbed by mergers a third of the funds of the defunct Popular Private Banking. The bottom PBP Bolsa España is integrated into Santander Spanish Shares; the Floating Bonds PBP, in the Santander Floating Fixed Income, while the Santander PB Flexible Portfolio 95 absorbs up to three different funds, the Multi-Asset Income PBP, the Flexible Management PBP and the Global Diversification PBP.
This process will foreseeably continue in the coming days, as SAM still has nine funds from the PBP stage to merge. Among them are the European stock market, flexible and monetary fixed income, health and biotechnology or a range of profiles destined for the Airline Pilots Union and Union of Air Traffic Controllers that the private bank set up in 2015.
In recent weeks, Santander has accelerated the integration of the last pending fringes of Popular after its acquisition (the Venture joint venture ’of funds, pensions and insurance and the funds of the former private banking), which come together in SAM.
It has renewed the board of directors of Allianz Popular Asset Management to fully cope with SAM people. It is the previous step to the merger of its managers. The new council has six members, with Lázaro de Lázaro as president and Miguel Ángel Sánchez Lozano as CEO and vice president, the same positions they occupy at SAM.
It has also integrated the first of the managers of Allianz Popular, Juan Vilarrasa, who has joined the Global Multi Asset Solutions (GMAS) team by Cristina Rodríguez Iza. Although, according to an official SAM spokesperson, "in reality, all Allianz Popular teams work hand in hand with our SAM teams."
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