Santander Asset Management may look to reduce its in-house fund management operation through outsourcing.

According to reports, the firm may look to reduce its in-house fund management operation by focusing its attention on only a handful of European and Latin American countries.

The key countries would be México, Argentina, Chile, Colombia and Puerto Rico.

According to Spanish newspaper Expansion, the firm’s recent appointments, Juan Marin and Javier Alcaraz as heads of its private banking and asset management team, indicate a change of focus.

This could lead to the firm managing products only in the Spanish, Portuguese, UK and Latin American markets whilst outsourcing products in its other markets, the paper claims.