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 weak franchise in the institutional client segment. Corporate uncertainty and organizational changes as a result of the prolonged merger process with Pioneer. We expect Santander Asset Management Investment Holdings Ltd. to sustain debt leverage as measured by adjusted debt-to-EBITDA of 4.0x-4.5x, 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
