Santander mutual funds AUM up 1.4% in H1

Spain’s Banco Santander mutual funds AUM reached €137.4bn by the end of June 2016, which represents a 1.4% increase over the same time a year ago.

In H1 2016, Santander’s total funds (deposits without repos and mutual funds) saw a growth of 4% year-on-year, on a currency-neutral basis.

The increase was driven by a 10% growth in Mexico and Portugal, 8% in Chile, 7% in Poland and 6% in Brazil and the UK. Spain is the only country where funds declined, because of the strategy of reducing balances of time deposits, the bank said in its latest earnings report.

In Q2 2016, Santander’s total funds rose 1%. On a currency-neutral basis, the increase was 0.3%, the Spanish bank said.

Mexico saw a rise of 5%; Poland 3% and the UK and Chile 2%. In the rest of countries, growth varied between +1% and -2%.

In Q1 2016, Santander mutual funds decreased by 4% to €129.8bn, when compared to the previous quarter.

The fall in AUM at the time was linked to the negative impact of exchange rates, particularly the weakening of the Brazilian real and Mexican peso, a spokesperson for the bank told InvestmentEurope previously. This year’s first quarter was also marked by a negative development of financial markets, the spokesperson said.

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