Spanish fund industry AUM increase slightly

The Spanish asset management industry saw its total AUM increase by €1.3bn to €219bn in May, according to provisional data from industry association Inverco.

Total industry AUM was up 0.6% compared with the end of April, but it decreased by 0.4% since the start of the year.

Spanish funds inflows in May were positive for the third consecutive month, totaling €892m.

Guaranteed funds continued to be the preferred option for investors in May, accumulating net inflows of €1.9bn from 2016 and €565m in May.

The perception of risk among participants has improved slightly in May, as for the first time this year categories with increased exposure to the national and international stock markets experienced positive net inflows of near €160m, according to Inverco.

Passive managed and fixed income funds have drawn net inflows of around €300m each in May. On the other hand, mixed fixed income saw €295m of outflows last month.

Financial markets seem to have gained some stability after high volatility seen in the first two months of the year, Inverco said.

Despite downward estimations in global economic growth, May have kept the upward trend in inflows initiated in March, backed by the recovery in oil prices and the European Central Bank intervention.

However, the referendum on the permanence of the United Kingdom in the European Union or the moment chosen by the Fed to normalize monetary policy,  will add a additional uncertainty to market behavior in the coming months, Inverco said.

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