Spain’s top ten asset managers lose €3.86bn on Brexit
Spain’s top ten asset managers lost €3.86bn in AUM last month, according to data from Imantia Capital.
The decrease was linked to markets uncertainty after the UK’s decision to leave the EU, the Spanish asset manager said.
The top ten asset managers, which hold a 77.9% of Spain’s market share, had a 2.2% AUM fall in June.
La Caixa, Spain’s largest asset manager with €37.57bn in AUM, saw a decrease of 1.2% last month.
Banco Santander, the second largest asset manager with assets totaling €34.87bn, saw AUM decrease by 2.4% in June and BBVA, the third largest asset manager with €28.51bn, saw a 1.8% decline.
Banco Sabadell had the largest fall, as AUM decreased by 8.6% to €12.73bn in June.
On the contrary, Ibercaja was the only asset manager that grew in June, with AUM up by 0.9% to €9.03bn.
Assets managers’ performance in June meant a 2% decline in the first half of the year, with AUM of the top ten Spanish assets managers totaling €167.74bn.