Banco Sabadell’s mutual fund assets increase

Spain’s Banco Sabadell mutual funds AUM reached €21.1bn by the end of June 2016, which is a 4.5% increase year-on-year.

Compared to Q1, mutual funds AUM decreased slightly by 0.1%, according to Banco Sabadell’s latest earnings report.

Sabadell’s off-balance sheet customer funds — including mutual funds, pension funds and third party insurance products — totaled €37.5bn at the end of June, which represents a 6.1% increase compared with the previous year. This item increased by 1.2% quarter-on-quarter.

Income from fees and commissions increased by 15.3% year-on-year and 5.3% quarter-on-quarter. The growth in income from fees and commissions associated with mutual funds, pension funds, insurance products and asset management is particularly noteworthy, as together they increased by 30.4% in comparison to 2Q 2015.

Banco Sabadell group ended the first half of 2016 with a 20.7% increase in attributable net profit, totaling €425.3m.

Back in June, Sabadell signed an agreement to sell its life insurance subsidiary to a group of funds led by Ember, for an undisclosed sum. The sale of life insurer Mediterráneo Vida, with customer accounts valued at €1.9bn, is subject to regulatory approvals, the Barcelona based bank said.


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