Market tumult sees Spanish asset managers lose €5.6bn

Spanish flagsSpain’s asset management industry suffered outflows of €5.6 billion in the first month of this year, due to equity market turmoil, according to figures issued by Spanish investment industry association Inverco.

As of the February 1, 2016, total assets managed by Spanish investment firms stood at €214.3 billion, against the €219.8 billion registered at the end of December 2015.

Spanish equity funds took the biggest hit, with outflows of 11.5%, while global equity funds saw outflows of 8.4%.

However, this fall follows a year in which Spanish funds saw a 6.9% increase in assets, with overall net inflows of €13.8 billion.

Fixed income funds and cash funds performed best, with net inflows of €275.7 million and €201 million respectively. The association attributes this to investors taking defensive action in response to volatile market conditions.

©2016 funds europe