Strong position in the company's core Iberian and Latin American markets. Exclusive long-term distribution agreement with Banco Santander. Conservative mix of assets under management with a focus on fixed income and money market products. Relatively weaker franchise in the institutional client segment. Short governance and management track record as an independent entity under joint ownership. We expect SAM to sustain debt leverage as measured by debt-to-EBITDA of around 4.0x, in line with an aggressive financial risk profile. As the group is 50% owned by financial sponsors, we cap the overall financial risk profile at '5'. This reflects our view that the group will maintain leverage that is consistent with an aggressive financial risk profile assessment. The stable outlook on Santander
