| Spain's third-largest banking group, La Caixa, has agreed to buy Morgan Stanley's Spanish fund management business, the companies announced in a joint statement yesterday.
The deal, which is expected to completed during the second quarter, will increase La Caixa's share of the fund management market from 5.5% to 7.5%.
La Caixa's general director, Juan María Nin, said yesterday that: "Morgan Stanley's private banking division will strengthen our personal and private banking business and will deliver management systems, great customer service and one of Spain's leading professional teams."
Morgan Stanley currently has a network of 430 private banking specialists operating in Spain, managing assets of around nine billion euros. |
