Santander Private Banking in Jersey has rolled out an offshore sterling-denominated fund of funds range together with the bank’s asset management arm.

The new offering is described as having a multi-asset and multi-jurisdictional structure with funds selected and monitored by Tom Caddick and Toby Vaughan from Santander Asset Management in the UK.

The range comprises the Santander Conservative Fund, the Santander Balanced Fund and the Santander Growth Fund, all Luxembourg-domiciled SICAV targeted at locals in Jersey in the Channel Islands and UK non-domiciled clients.

This is the first collaboration between Santander Private Banking in Jersey and Santander Asset Management, but the bank expects to replicate the approach when bringing new funds to the market.

The private banking arm of the Spanish titan has around €90 billion ($118 billion) of client funds under management globally.