UK-based Hanson Asset Management (HAM) and Spain-based Renta 4 Banco have agreed to enter into a joint venture to develop their investment management and advisory businesses

Under the deal, Renta 4 Banco will purchase a 14.99% shareholding in HAM following approval from FCA.

The JV agreement will allow HAM to strengthen its access to clients in Spain and Latin-America in the areas of modified investment management and investment advisory.

Additionally, HAM will also enable Renta 4 Banco to source, structure and execute investment mandates in Spanish opportunities currently available predominantly in direct private equity and real estate.

Juan Carlos Ureta, president and founder of Renta 4 Banco, said: "This agreement furthers our ambition to build an international business and represents Renta 4 Banco’s first step to gain a direct presence in the important financial centre of London. We have found in HAM the ideal partner who shares our core beliefs and philosophy."

The Hon Robert Hanson, chairman of HAM, said: "This agreement will create a great alliance. Renta 4 Banco’s strong position in Spain and Latin America, built up over almost 30 years, will give us privileged access to the Spanish speaking market for our investment management activities."