Santander Brasil Asset Management Dtvm SA has struck an agreement to take over the management of JP Morgan Asset Management's local funds in Brazil, Valor Econômico reported, citing company executives.
The transfer, which does not involve a corporate exchange and is not considered a merger or acquisition, will involve some 25 billion Brazilian reais of assets, adding to Santander's 263.2 billion reais within the Brazilian market. No one from JP Morgan Asset Management's executive team will move to Santander, the Brazilian newspaper said.
Vital Menezes, CEO for Latin America at JP Morgan Asset Management, said that the company intends to remain active in Brazil, though it will focus primarily on international funds.
As of Dec. 4, US$1 was equivalent to 3.25 Brazilian reais.
