Portuguese funds’ AUM fell by 1.8% month-on-month standing at €11.98bn as of the end of July, Portuguese asset management industry body Associação Portuguesa de Fundos de Investimento, Pensões e Patrimónios (APFIPP) reports.
Despite this monthly drop, Portuguese funds’ assets under management went up by 2.2% compared to the same period a year earlier.
However, Portuguese funds’ net redemptions amounted to €386.8m in July while net suscriptions recorded some €160m during the month.
Outflows of €72.5m are to be added to this decrease arising from the liquidation of two funds that resulted in net redemptions of €299.7m in July.
Santander Ibérico Maio 2013 – FIA and Santander Ibérico Premium Julho 2013 – FIA, both managed by Santander AM, were liquidated in July once their maturities ended.
The pair of fund liquidations decrease the number of funds registered in Portugal from 153 to 151.