Caixabank funds fee income decreases
Spain’s Caixabank fee income from investment funds went down by 4.9% in the first half of 2016.
Mutual funds, managed accounts and Sicavs fee and commision income stood at €196m by the end of June, which compares to €207m reached over the same time a year ago.
The decrease was driven by market volatility and reduction in assets under management (AUM) seen in H1 2016, the Spanish bank says in its latest financial results.
Caixabank’s AUM in mutual funds, managed accounts and Sicavs totaled €49.8bn in the first quarter of 2016. This represents a fall of 2.9% over H1 2015, which was largely a result of the high level of market volatility seen in the first quarter of the year, while the second quarter has seen the start of a recovery, the bank said.
Recently, Caixabank named chief economist Jordi Gual its non-executive chairman to replace Isidro Faine.
Gual has been part of a European Commission economic advisory team on competition policies in the early 2000s. He is also professor of Economics at IESE Business School.
Faine, for its part, will chair Fundación Bancaria La Caixa y Criteria, the charitable foundation attached to the lender, which is its controlling shareholder.