Santander's offer to buy back junior debt from bondholders has drawn criticism from analysts who accused the Spanish bank of trying to lock in a profit at the expense of investors.
Santander, the eurozone's biggest bank, said a significant charge for mis-selling payment protection insurance(PPI) hit profits in Q3, but its capital cushion would lift it out of danger territory.
Spanish banking giant Santander has warned investors profits at the bank are likely to fall in 2012 and 2013 as the bank pumps millions into improving customer service levels.
HSBC's José Cuervo has joined Santander Asset Management as global head of Latin American equities.
Multi-manager funds proved popular among investors in the first quarter of 2011, with groups including Jupiter and Henderson all seeing a rise in sales thanks to their funds of funds, according to the latest Pridham report.
Santander has added two portfolios to its range, a multi-manager offering focusing on global emerging market equities, and a single manager income portfolio.