BBVA AM to operate in Luxembourg
Financial regulator CSSF has authorised Spain’s BBVA Asset Management to operate as asset manager in Luxembourg.
This means the bank’s two Sicavs, Durbana y Global Funds Sicav, will no longer be self-managed. From now onwards, the Sicavs will be managed directly by BBVA AM, a spokesperson for the Spanish group told InvestmentEurope.
The move will avoid overlapping and additional investments in Luxembourg, as the Sicavs will be managed from Spain under the “processes and procedures” established for the banks’s Spanish funds.
BBVA AM, however, has adapted a different organizational structure and strengthen its external distribution equipment and systems in order to coordinate the business, the spokesperson said.
To the end of May, BBVA AM had assets under management exceeding €2bn, doubling AUM from a year ago.
Durbana, which has a range of 38 funds, is focused on cross-border distribution, while Global Funds Sicav is aimed to institutional clients and for UHNWI clients.