Santander has received regulatory approval to acquire 89.9% of alternative financing and private equity platform, Tresmares Capital.
Founded in 2020, the platform offers financial solutions to high-growth small and medium-sized enterprises (SMEs) and private equity managers across Europe.
The acquisition comes as part of the bank’s growth strategy in alternative asset management, promoting private debt and funds of funds verticals.
Tresmares has offices in Madrid and London and has strategic international expansion plans, including the opening of a new office in Germany this year and another in Poland next year.
In the next five years, the platform is seeking to reach more than €8 billion in investment commitments, with a focus on the growth of institutional funds.
In addition, Tresmares will launch new divisions of funds of funds and fund financing this year.
Tresmares Capital will remain independently managed and its current chief executive, Borja Oyarzábal, will continue to lead the project.
“Santander’s confidence in the project is proof of the success of Tresmares’ culture, which lies in both human capital and in management tools and technology, which are the foundations of our business,” said Oyarzábal.
With this acquisition, Santander emphasises its commitment to growth in the alternative asset sector.
M&A flurry continues
This year has seen significant M&A activity across the industry, particularly within the asset management space. Most recently, Kepler Cheuvreux and Unigestion entered into a strategic partnership to launch a joint public equities asset management company.
Named Kepler Cheuvreux Unigestion Equities, the new entity will focus on quantitative strategies and will manage over €3 billion in assets, subject to regulatory approvals.
Read more: Kepler Cheuvreux and Unigestion unveil joint €3 billion asset management plans
Elsewhere, Assicurazioni Generali and BPCE signed a Memorandum of Understanding in January, enabling them to become the largest asset manager in Europe by revenue, with more than €1.9 trillion assets under management.
The joint venture will see the two firms combine their respective asset management operations: Generali Investments Holdings and Natixis Investment Managers.