Foreign managers hit by volatile Spanish summer
Foreign managers in Spain saw their assets under management decline by an estimated 6% in the third quarter to about €47bn, according to figures from Inverco, the Spanish asset management association, cited by the Funds People news service.
Assets under management for the 21 foreign investment managers that provide information to Inverco declined to €32.46bn after net outflows of €2.52bn in the quarter.
Investors’ rising risk aversion in the face of high volatility in the financial markets in recent months has impacted foreign fund managers that focus on offering high value-added products more closely tied to equities.
Of the 21 managers that provide data, only three reported net inflows. BlackRock Investment had net subscriptions of €25.35m, Allianz Global Investors Europe had net subscriptions of €62.81m and Pictet Asset Management had €59.90m.
JP Morgan Asset Management showed the biggest decline with net outflows of €540.21m.