Santander's asset management arm attracts PE duo

Santander has tried to sell the unit more than once but was unable to find a mutually-agreeable price for the unit, which has almost a third of its assets based in Spain.

The unit is thought to have around €160bn in assets under management across Europe, Latin America and the UK, making it Spain's largest lender.

The bank has had a troubled quarter, following the recent resignation of chief executive Alfredo Saenz on the back of a long-running disgreement over a past conviction. The bank reported a 26% drop in Q1 profits last month, falling to €1.2bn.

Warburg Pincus declined to comment. General Atlantic could not be reached for comment. 

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