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