UPDATE 1-Santander to keep its distance from US in Pioneer deal

April 22, 2015 5:27 PM

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* Santander to have stake in sub-holding company- sources (Adds detail, background)

April 22 (Reuters) - UniCredit and Santander have agreed to merge their asset management businesses in a deal where the Spanish bank will have no direct involvement in the new group's U.S. operations, three sources close to the matter said.

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