BBVA closes Spain’s first hedge fund

BBVA Asset Management is to close BBVA Codespa Microfinanzas, the first hedge fund launched in Spain.

The institutional fund launched in 2006. It invests in unlisted microfinance operations in the Dominican Republic, Nicaragua and Peru.

The fondo de inversión libre (FIL) has struggled to retain investors and assets in recent times. Codespa Microfinanzas had just 29 investors and assets of €24m, according to the latest factsheet published by BBVA Asset Management. The fund suffered redemptions of €656m in the year to the end of November. Over €0.5bn was withdrawn from the fund in November alone.

The decision to close the fund has been blamed on market conditions, reduced demand and falling asset size. Redemptions will be suspended during the liquidation process.

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