Spain’s AM industry loses €5.6bn after market turmoil
Spain’s asset management industry started 2016 with €5.6bn net outflows “due to equity market turmoil,” industry association Inverco has revealed.
Total industry’s assets volume currently stands at €214.3bn, against the €219.8bn registered at the end of December 2015.
However, Inverco pointed out that funds registered a 6.9% increase through 2015, raising assets volume by €13.8bn.
Spanish equities took the biggest hit in January, dropping 11.5%, while global equities shed 8.4%.
Guaranteed funds and monetary funds scored the best results with €275.7m and €201m net inflows respectively, in line with a defensive attitude in a highly volatile market condition.
Net fund flows registered outflows of €672m in January.