JP Morgan Asset Management will transfer management of its Brazilian investment funds to Santander, after investors’ approval.

The asset management arms of Banco Santander and JP Morgan have reportedly inked a partnership deal in Brazil.

JP Morgan Asset Management will transfer management of its Brazilian investment funds to Santander, after investors’ approval, and Santander Asset Management will distribute to its local clients some of the global funds managed by JPMorgan Asset, according to Reuters. 

This publication was unable to locate a statement from the firms; it may update in due course on the matter. 

The news-wire report said Santander has R263 billion ($81.4 billion) in assets under management in Brazil, with more than 1 million local investors. The report added that the agreement does not involve any joint venture or changes in ownership in the asset management companies.