Santander Central Hispano is to launch its own hedge fund manager for the Spanish market. The Spanish bank hopes to build the hedge fund gro...

Santander Central Hispano is to launch its own hedge fund manager for the Spanish market. The Spanish bank hopes to build the hedge fund group as the biggest in Spain, capturing 25 per cent of the market, according to the Madrid-based bank.

The new fund manager, Optimal Alternative Investment, will be set up via SCH's Swiss subsidiary Optimal.

Part of Optimal’s strategy is to form alliances with foreign groups to develop its Spanish hedge fund business.

Spanish financial groups Nmas1 and Banco Bilbao Vizcaya Argentaria, the country's number-two bank, have signed such alliances with UK groups, International Asset Management and NewFinance Capital.