Cecabank takes on Banco Madrid’s funds
Spain’s wholesale bank Cecabank has started the transfer of funds, imposed by the regulator, from Banco Madrid Gestión de Activos.
The transfer includes funds and Sicavs, as well as bond stocks and shares, the local trade press has revealed.
According to what people familiar with the matter told Spanish Expansion, by the end of the week the whole fund range from Banco Madrid run by RBC, following the CNMV ruling.
The fund transfer to Cecabank does not imply that the normal activities of the funds will be immediately resumed, as for that to happen Renta 4 will have to take charge of Banco Madrid’s fund management activities.
According to Expansion‘s reports, investors could buy and sell shares of the funds but will not be able to redeem their capital or make transfers until Renta 4 has taken charge of the fund management.