Santander News Update: Asset Management Restructuring and Botin’s Opinions
Santander news update: A new structure is announced for the bank’s asset management program and Emilio Botin says some banks should be allowed to fail.
As controversial a statement as it is to claim that those banks that survive financial crises, Botin’s reasoning behind making this statement is with regards to Santander’s Standard and Poor’s rating. The president of the Spanish-based bank has spoken out about the rankings and the state of the world’s finance.
The sentiment from Botin at the Santander International Banking Conference was that taxpayers and well-managed financial institutions should not have to deal with the problems laid at their feet by those banks who have got society into financial difficulty in the first place. His speech, at the sixth annual conference, focussed on the problem being on financial institutions face the possibility of suffering at the hand of sovereign risk.
While this is dependent on the country in which their headquarters lie, it stands true – particularly in relation to the Standard and Poor rating. Santander are able to boast a simple “A” rating, but when the sovereign risk is take into account they drop to a “BBB” rating. This also works the other way and some banks who have a lower rating are boosted by the sovereign risk. Essentially Botin is claiming that the rating system is poorly constructed.
Santander News Update
Separately to these comments, Santander have announced a restructuring of the managerial level of their asset management program. Due to be led by the global multi-manager team which in its turn is led by Tom Caddick and Toby Vaughan, the Santander Atlas Portfolios is being introduced to the market and restructuring the whole managerial scheme within the bank.
The services will not be available in the retail branches of the company but will look to invest in equities, bonds, housing and alternatives in order to boost the basic investment opportunities for the bank.
Caddick has expressed how he thinks the scheme can assist investors in making the right decisions on the investments laid at their doors. Jeff Scott, the Santander Asset Management chief executive, has backed the two men to flourish in this environment as he cites their history and their abilities to offer multi-asset solutions to clients across the globe.
More information on any of the products and services offered by Santander can be found by following the link provided here http://www.customerservicescontact.co.uk/santander-customer-service/. Alternatively there is information on the Santander website.
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