Pablo Fernández | The average return of mutual funds in Spain over the last 15 years (1.1% p.a.) was lower than the investment in 15-year Spanish government bonds (4.4% p.a.). The average return of the IBEX 35 was 0.5% p.a., that of the Eurostoxx 50 was 2.8% p.a. and that of the S&P was 8.8% p.a. Some 31 funds out of the 580 with a 15-year history outperformed 15-year government…
Fernando Rodríguez | The weight of foreign funds and Sicav has increased from 8.1% to 45.4% of the total invested in the last fourteen years, according to the comparative analysis of profitability and costs between Spanish CIIs and foreign CIIs marketed in Spain published in the latest quarterly bulletin of the CNMV. “In this period, the assets of foreign CIIs have multiplied by 16, from 18,000 million at the end…
Pablo Fernández (IESE) | The average return of mutual funds in Spain over the last 15 years (1.91%) was lower than the investment in 15-year Spanish government bonds (4%). The average return of the Ibex 35 index was 1.35%, that of the EuroStoxx 50 4.2% and that of the S&P 500 was 10.7%. 64 funds out of 562 Spanish funds with a 15-year history outperformed 15-year government bonds, 314 outperformed…
Manuel Moreno Capa | Generalist banks wanting to convert their small savers into investors who opt for fund portfolios; large banks who launch innovative online platforms to attract wealthy clients; small bodies who look for savers in funds which begin with contributions as affordable as 10 euros; independent managers who, with new types of funds, compete with bank financing of SMEs … It is a struggle of all against all, which investment funds have become the definitive weapon.
Manuel Moreno Capa (Gestores) | While the incompetent British political class continue to debate this Brexit impossible to apply (because there is no sense in leaving the EU, a select club which half the world wants to join), the European investment fund market refuses to raise new borders and does the opposite: breaks down existing borders and moves towards a new unification.
After MIFID1, which was launched 10 years ago with the aim of improving investor protection, MIFID2 (Markets in Financial Instruments Directive) is now on its way, bringing even more meticulous and demanding operating objectives and rules.
Spanish banks (and their fund management companies) continue to charge high commissions on their investment funds and pension plans. They can afford to do that because in Spain, the clients are the banks’ clients and they are cautious. So there is little competition in this sector, unlike in the UK.
F.Barciela / F.G. Ljubetic | Just as was expected, the ‘Opportunity Funds’ (or Vulture Funds as they are referred to) are starting to unwind positions and leave Spain: good news, because it shows that the days of bargains are over as the country is firmly on the road to recovery. But the fact these funds are leaving Spain doesn’t mean they will not have other opportunities. Now they are betting on countries like Brazil, Greece, Italy or Puerto Rico.
VALENCIA | Sasha Evers, director general of Bank New York Mellon in Spain and Portugal, says in an interview with Luis A. Torralba for valenciaplaza.com that lower interest rates of bank deposits will push investors again to funds.
LONDON | The majority of asset managers working on the European markets agree that there are opportunities to invest despite fragility of the single currency. The UK’s Association of Investment Companies (AIC) published this week the results after having polled Europe managers to gauge opinion on what may be in store for the region. Whilst managers expect pain in the short-term, and do not see miracles happening overnight, over the longer-term they…