Banco Santander SA's Santander Asset Management division has split its business into two separate hubs, Latin America and Europe, and appointed heads for both geographies, Citywire Americas reported, citing a company spokeswoman.

Santander Asset Management named Lázaro de Lázaro to manage the European hub and Luis García Izquierdo to head Latin America.

García Izquierdo most recently worked as Santander Asset Management's global chief financial officer. De Lázaro, meanwhile, was the head of asset management for Spain and will be replaced by Miguel Ángel Sánchez in that position, according to the report.

Additionally, Gonzalo Milans del Bosch has resigned as Santander Asset Management's global chief investment officer due to personal reasons after serving in the role for almost a year, the spokeswoman confirmed.

Until the company selects a permanent replacement, Milans del Bosch's responsibilities will be split between Eduardo Castro, the company's Brazil chief investment officer who will now head Latin America, and Jacobo Ortega Vich, the chief investment officer for Spain who will now take over responsibility for Europe.

The leadership changes are part of a reorganization launched by Mariano Belinky, who was appointed head of Santander Asset Management in February.