Relational Group, whose asset management arm has been campaigning against the purchase of US financial services group Sovereign Bancorp by Spain's Grupo Santander, is splitting into two separate companies.

The San Diego Union-Tribune reports that the 20-employee investment banking unit of Relational, the firm founded by corporate raider David Batchelder, will be renamed RA Capital Group. It will focus on mergers, financings, crisis management and proxy matters.