Spanish funds’ AUM close to hitting 2007 record
Spanish asset management industry body Inverco reports that assets under management (AUM) of Spanish funds gathered an additional €1.51bn of inflows last month, taking total H1 net inflows to some €11.65bn.
The H1 figure represents a €10bn rise year-on-year, and means industry AUM reached €252.51bn as of the end of June, approaching the historic record of €261bn registered in May 2007.
BBVA, Sabadell and Ibercaja are leading the Spanish fund sales race.
BBVA AM tops the list of subscriptions this year, having attracted €2.23bn since January, partly due to sales of its mixed funds. The figure forms 19% of the total inflows registered in the market for the first half of the year.
Sabadell AM ranks second, having boarded €1.63bn of net inflows between January and June 2017. It is followed by Ibercaja Gestión with €1.15bn of net inflows.
Bankia Fondo is also among the firms that have achieved more than €1bn in net inflows. Santander AM holds fifth place. However, it stands out as the second largest asset manager in Spain with €498m of inflows attracted in June. The strong figure is related to Banco Popular’s acquisition by Santander last month.
Global funds have led the way in net subscriptions with sales of €7.38bn this year so far, followed by mixed equity and mixed fixed income funds, which have seen €3.1bn and €3bn of inflows respectively during the first six months of the year.
On average, Spanish funds returned 2.22% in the first half of 2017.