New 1000+ fund supermarket launched in Spain
Spanish fintech Finect on Tuesday unveiled a new online investment platform that comprises more than 1,000 funds from a hundred local and global asset managers. This new fund supermarket, primarily dedicated to retail clients, is born from the association of several players including MyInvestor, EBN Banco, Fundslink, Fundsfy and Indexa Capital.
Finect's CEO Antonio Botas said during a press briefing that negotiations were being held with other large asset managers for them to make available their funds on the platform and to the two million users of Finect. The website already proposed a couple of services including a financial advisor search engine and a marketplace for robo-advisors. With its partner Indexa Capital, Finect has also implemented a tool aiming to ease the online contractation of index funds distributed by robo-advisors.
This new platform could draw interest from foreign asset managers whose fund assets under management in Spain reached €193bn as at the end of June (+9.6% over Q2'20) according to Inverco's data. Foreign investment funds recorded net inflows of €7bn from Spanish investors in Q2'20 with BlackRock, Amundi, JP Morgan, DWS and Morgan Stanley being the top five active foreign managers on the Spanish market. Pictet, Fidelity, Robeco, Invesco and Schroders rank from the 6th to the 10th positions respectively.