Santander Asset Management is set to name a new global chief investment officer, Citywire Americas can reveal.
Santander Group's Gonzalo Milans del Bosch has been appointed to replace current CIO Dolores Ybarra, according to sources familiar with the situation. It is understood a formal announcement will be made within the next two weeks.
Citywire Americas understands that Ybarra, who was named global CIO in 2011, is now global head of products and is helping Milans del Bosch transition into his new role at the 180.7 billion euros ($221.4 billion) asset manager.
A Santander spokesperson declined to comment on the appointments.
Milans del Bosch has been the manager of investments and shareholdings for Santander Group since the 1990s, according to sources close to the firm. He is also named as a director of Santander-owned Spanish bank Banco de Albacete, according to its website.
Traditionally, the CIOs of each of Santander Asset Management's international offices, which include 10 locations in Europe and Latin America, report to the global CIO.
Milans del Bosch's appointment comes after news emerged that Santander had named global multi-asset solutions head Tom Caddick as CIO for its UK operations last week.
Citywire Americas understands the group was able to implement the management changes after regaining sole ownership of Santander Asset Management last month.
In December 2017, Santander finalized the deal to buy back a 50% stake in its asset management unit it sold in 2013 to two investment firms, Warburg Pincus and General Atlantic.
Back in September, the Spanish group announced that it would bring together its asset management and private banking units under a new wealth management division in a bid to grow. It’s unclear how this move will affect the current management structure.