Spanish funds record €131m outflows in October
Spanish investment funds posted net redemptions of €130.8m in October 2020, according to the preliminary data from the local asset management association Inverco. Global and mixed equity funds have been the most impacted asset classes as investors pulled €239.4m and €130.5m from these funds respectively. Conversely, fixed income funds drew the majority of net new cash (+€328.3m) while money market funds, passive strategies and global equity funds also ended October with positive inflows. Since the start of the year, Spanish funds' net outflows amounted to €891.2m. As of end October 2020, Spanish funds managed €264.8bn, up 0.2% month-on-month (or +€591,000) and down 4.3% year-to-date (-€11.8bn).