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(Bloomberg) — Banco Santander SA made several appointments at its wealth management and insurance division as part of changes carried out by the new head of that business at Spain’s largest lender.
Santander will combine its alternative investments and investment platforms units, which will be integrated into asset management, with Carlos Manzano in charge. He will report to Samantha Ricciardi, head of Santander Asset Management, according to an internal memo seen by Bloomberg.
A Santander spokeswoman declined to comment.
The appointments are part of a reshuffle being done by Javier Garcia-Carranza after he was named as global head of wealth management and insurance in May. That division is one of the bank’s five global units and has €480 billion ($526 billion) under management. It reported €417 million of profit attributable to shareholders in the second quarter, and contributed with 6% of the bank’s revenue.
Read More: Santander to Reshuffle Private Banking, Asset Management Units
Marcos Fernandez will be chief operating officer of the division and Antonio Faz will be head of legal, while Alfonso Castillo, the global head of private banking, has moved to Spain from Miami. The bank also picked Jaime Rodriguez Andrade to launch the new Santander Retirement Services business.
The head of private banking in Spain, Adela Martin, was appointed head of business globalization in the wealth management and insurance division last month, according to her LinkedIn profile. The bank tapped CaixaBank SA’s Victor Allende to replace her.
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