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.

 

ABOUT THE AUTHOR
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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