Spanish AMs drop since 2007
The Spanish asset management industry intense activity of M&A and restructuring has brought asset management companies from 120 to 96 since 2007, the local trade press highlighted from a report of the Comision Nacional del Mercado de Valores (CNMV).
According to the CNMV data, as a result of such restructuring, the local industry has lost about 900 investment funds compared with December 2007.
The decrease in the number of asset management companies, as well as investment funds, came as a result of the crisis years banking system restructuring process and for the disappearing of the main saving banks in the country.
Some of the major M&A activities in the country included the acquisition of Catalunya Banc’s asset management arm by BBVA AM. The industry is also awaiting for news on whether the deal between Unicaja and Banco Ceiss will also result in the creation of one asset manager for the whole group, from the current Unigest and Caja España Fondos.