Passive funds top H1 inflows in Spain

Passive funds saw the largest inflows in Spain through July, according to data from industry body Inverco.

Inflows in passive funds during the period totaled €2.8bn, with July attracting inflows of €1.6bn in this category.

According to the latest data of Inverco, assets under management of passive funds stood at €20.4bn through the end of July, which is 9.4% up year-on-year and an increase of 15.5% year to date.

Only in July, the Spanish passive fund Caixabank Rentas Euribor  managed to add inflows of €1.6bn one month after its launch.

According to Inverco, lower risk funds (passive, fixed income and guaranteed) grew in July on the back of net inflows, while equity funds also saw growth due to a revaluation of their portfolios by the market effect.

In the last 12 months, Spain’s funds have increased by €6.2bn, of which €3.7bn are net inflows, in spite of high volatility of financial markets seen in the second half of 2015, Q1 2016 and June.

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