Caixabank, Ibercaja launch passive funds

Asset management arms of the Spanish banks Caixabank and Ibercaja have just launched two passive funds.

The funds, both with a maturity date in 2024, are aimed to Spanish investors.

Caixabank’s Rentas Euribor fund was approved recently by the Spanish financial regulator CNMV, a spokesperson told InvestmentEurope. The fund aims to preserve the initial invested capital, which minimum amount is €10,000. The fund makes eight annual mandatory refunds of variable amount, linked to the Euribor 3 months rate.

“The fund is intended for a domestic investor (the currency risk is avoided) rather than international investors. On the other hand, it is mandatory to have an open account in Caixabank, hindering investments by institutional international investors,” the spokesperson said.

Ibercaja 2024 Garantizado, for its part, was authorised by the CNMV on 17 June. The fund ensures a 104.74% of the initial invested capital after maturity, which minimum investment is €300.

“This fund will be distributed exclusively through the network of Ibercaja bank’s branches and, therefore, is aimed at the bank’s domestic retail customers,” a spokesperson for Ibercaja said.

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