Spanish funds post €237m net inflows in October
The Spanish fund industry reaching €271.1bn in assets under management at the end of last month suggests a 5.3% increase in assets over the first ten months of 2019 (i.e +€13.6bn).
Funds marketed in Spain have boarded net new money for the second month in a row, with net inflows amounting to €237m in October. Leading the pack, global equity and bond funds drew €239.7m and €214.8m from Spanish investors respectively. For the first time this year, absolute return products faced a positive month of inflows (+€102.1m). However outflows continue among passive strategies with net redemptions of €247.4m observed in October. Since the start of the year, Inverco reported a €1.38m net outflow for the asset class. Spanish equity funds were not much favoured by local investors too last month as the asset class suffered net outflows worth €71.6m.
Spanish funds, all asset classes confounded, yielded 0.16% on average in October and 5.71% on average in the first ten months of the year.