AuM down 1.3% MoM in Spanish funds

On the 06/03/19 at 7:55AM


Adrien Paredes-Vanheule

In May 2019, assets in the Spanish fund industry have dropped for the first time in five months according to Inverco's data.

The level of assets under management in Spanish investment funds amounted to nearly €265.6bn (€265,597bn) as of end of May 2019, data from Spanish asset management representative body Inverco found out.

The figure is declining for the first time in five months. The Spanish fund industry has lost €3.39bn in May representing a 1.3% month-on-month decrease.

Only fixed income and money market funds' assets rose in May - +€431m and +161.7m respectively - meaning they were up +0.7% and +3% MoM respectively. Fixed income funds partly benefit from the reshuffle of the money market fund category by Spanish financial watchdog CNMV.

AuM in global equity funds available on the Spanish market have plumetted by €1.85bn in May (-5.7% MoM) whilst these of Spanish equity funds have slumped by €327bn (-5.3% MoM).

Passive management assets in Spain (€15.55bn as of end May 2019) have also recorded a €261.37m drop (-1.7% MoM).

Positive net inflows, yields decrease

Nonetheless net inflows were positive in Spanish funds during May with a total of €218m net subscriptions reported by Inverco.

Last month, fixed income funds have boarded most of the inflows (+€532.2m) followed by money market funds (€166.2m) and diversified fixed income funds (€149.7m).

On the contrary, net outflows of €270.17m were observed in global equity funds of the Spanish fund market and investors pulled €168.49m from passive strategies.  Net redemptions of €84.51m and €74m were seen in absolute return and Spanish equity funds respectively.

Absolute return investment vehicles have suffered the largest outflows in Spain since the beginning of the year with net redemptions of €1.89bn reported by Inverco over the five first months of 2019.

Spanish funds, all asset classes together, have had a negative yield of -1.26% in May. Though returns are positive over the five first months of 2019 for all asset classes, standing at +3.77% for the whole Spanish fund market.

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