International funds hit records in Spain
International funds distributed in Spain have reached record levels in assets under management, number of products and participants.
Assets of international Sicavs and funds distributed in Spain reached €107bn in Q1, which is an increase of 12.6% year-on-year, according to data from Spanish regulator CNMV.
Only investment funds hit a new record high after reaching €16bn in the first three months of 2016, which represents a 24.15% increase over the same time a year ago.
The number of international funds have also increased by 8.1% to 904 through Q1 2016, while participants have gone up by 23.9% to 1.64m in the last 12 months.
A total of 378 funds were sold to Spain from Luxembourg, followed by 277 from France and 152 from Ireland.
The Spanish asset management industry also posted positive figures recently, as it saw its total AUM increase in July.
Total industry AUM stood at €222.2bn at the end of July, which is an increase of 4bn or 1.9% compared with the end of June, when AUM decreased by 2.3% yo €217.35bn.
Investment funds registered in Spain had €1.7bn net inflows in July, while all fund categories, with the exception of money market funds, showed growth in assets, according to industry association Inverco.