Spanish fund industry AUM hit by Brexit
Spain’s asset management industry has been hit after UK’s decision to leave the EU, according to data from asset manager Imantia Capital.
Total assets under management (AUM) have decreased by 2.3% or €5.15bn to €217.35bn in June, which reverses the upward trend seen in the last three months.
The fall in June has been determined by the market’s first reactions after Brexit, which saw Spain’s benchmark stock market Ibex 35 suffering the worst fall in history, with a fall of 12.3%. Thus, 77% of June’s AUM decrease was driven by a depreciation of the funds’ assets, while 23% of the fall was linked to net outflows.
The decision of the British has had a major impact in the equity asset class, which fell by €2.89bn in June. Fixed income’s funds also saw a decrease of €450m, but the fall was mitigated by the support of the European Central Bank purchase program, Imantia said.
In the first half of the year, the Spanish fund industry has seen AUM decrease by 2% or €4.45bn, on the back of June’s performance.
The drop in H1 was driven by outflows of €9.54bn in funds more exposed to risk, which couldn’t offset inflows of $4.86bn in fixed income funds.