By Cristina Roca

Banco Santander SA (SAN.MC) said Monday that its asset-management business has reached an agreement with BlackRock Inc. (BLK) to adopt its Aladdin platform.

Santander Asset Management will adopt the platform in all ten markets where it operates by the end of 2020, the bank said.

"With the adoption of the Aladdin platform, SAM expects to reduce reaction time to changes in market conditions and the regulatory environment, helping to improve fund performance and product innovation," the bank said. The move is part of the business' technological transformation drive, Santander said.

No financial details were disclosed.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

March 11, 2019 07:38 ET (11:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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