General Atlantic, Warburg Pincus Eye Santander Asset Management

Apr 29 2013 | 3:09pm ET

A pair of private equity firms is moving towards a deal for a piece of Banco Santander's asset management business.

General Atlantic and Warburg Pincus are in exclusive talks with Spain's biggest bank about the purchase of a minority stake in the unit, which has more than €160 billion in assets under management. The discussions are at an advanced stage, Reuters reports.

It is unclear when the exclusivity period expires.

Santander has been working to build or sell its asset management business for years.

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