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Efinancialnews.com reported yesterday that Manuel Echeverria, chief executive of Optimal Investment Services, the independent Swiss alternative asset manager owned by Spanish bank giant Santander Group, "had left to pursue a new business venture, according to documents seen by Financial News. Separately, four of his colleagues are also understood to be leaving. Esteban Estevez, Optimal's deputy chief executive, will replace Echeverria at the firm, which manages or advises clients on more than $9.1bn (EUR5.8bn) in assets, according to documents." (article.) This was also reported by Global Money Management earlier (article)

An industry source who wishes to remain anonymous told Opalesque that Banco Santander may be thinking of selling Optimal. They have $11bln in FoF AUM, but over 80% of that is with the private bank of Banco Santander. Manuel Echeverria had been with Optimal from the beginning and is apparently going to start his own firm. Mr. Estevez, who replaces Mr. Echeverria, did not supply any comment for Opalesque.

Optimal is based in Geneva and offers a range of alternative investment services including FoFs, managed accounts and advisory services. Website: www.optimal.biz

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