UPDATE 1-UniCredit reaches asset management deal with Santander

April 23, 2015 6:39 PM

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MILAN, April 23 (Reuters) - UniCredit and Banco Santander agreed on Thursday to merge their asset management businesses in a deal valuing the new group at some 5.4 billion euros ($5.8 billion).

The deal, confirming a Reuters report on Wednesday, will create one of Europe's leading asset gatherers with 400 billion euros under management and total net inflows last year of more than 25 billion euros.

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