Luciane Ribeiro, Banco Santander Asset Management CEO in Brazil has stepped down after 10 years in the company.
According to Bloomberg, Conrado Engel, chairman of the asset-management business in the South American country, will take over Ribeiro’s role until a new CEO is named.
Brazil is Santander AM’s second-largest market with 54 billion euros ($60 billion) in assets under management and 87 employees, according to its website.
In July, and after 20 months in negotiations, UniCredit and Banco Santander broke off negotiations entered into on 11 November 2015 to combine Pioneer Investments and Santander Asset Management. The merger would have created one Europe's leading asset managers with around 370 billion euros (almost $400 billion) in assets under management, of which close to 174 were from Santader.