(Bloomberg) -- Capital Group Cos., the third- largest manager of U.S. mutual funds, hired Alvaro Fernandez Arrieta, head of sales for global clients at Amundi Asset Management, to open its first sales office in Spain, said two people familiar with the matter.
Fernandez Arrieta will be co-responsible for business development for Iberia, working alongside Mario Gonzalez-Perez, who has transfered to Madrid after 10 years in London, according to the people, who asked not to be identified because the information isn’t public. A spokeswoman for Capital Group declined to comment.
Capital Group manages $1.3 trillion for clients, including the $143 billion Growth Fund of America. Capital Group joins firms including Aberdeen Asset Management Plc building a presence in Spain in recent months after the value of assets invested in the country’s asset management industry rose 41 percent since the end of 2012.
Aberdeen AM opened its first sales office in Spain in October, hiring two heads of sales, and the asset management arm of Nordea Bank AB inaugurated its office in the city last month. International asset manager companies had 72 billion euros ($97 billion) of assets under management in Spain in March, according to Inverco, the Spanish fund management association.