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.


Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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