Spanish fund industry recovers in July
The Spanish asset management industry saw its total AUM increase in July, industry association Inverco has revealed.
Total industry AUM stood at €222.2bn at the end of July, which is an increase of 4bn or 1.9% compared with the end of June, when AUM decreased by 2.3% yo €217.35bn.
Investment funds registered in Spain had €1.7bn net inflows in July, while all fund categories, with the exception of money market funds, showed growth in assets, Inverco said.
Lower risk funds (passive, fixed income and guaranteed) grew on the back of net inflows, while equity funds grew due to a revaluation of their portfolios by the market effect.
Passive funds was the category with the largest growth in July, with inflows of €1.6bn, while fixed income funds and guaranteed funds had important inflows, with €321m and €283m respectively.
In the last 12 months, Spain’s funds have increased by €6.2bn, of which €3.7bn are net inflows, in spite of high volatility of financial markets seen in the second half of 2015, Q1 2016 and June.