Spanish investors piled out of equity funds and into fixed income in January. Global equity and Spanish equity funds saw €230 million and €194 million of redemptions, respectively, according to the local funds body.
Investors directed money mainly into fixed income, with global mixed fixed income funds seeing inflows of €913 million - though €619 million also went to ‘mixed equity’.
‘Global fixed income’ also saw inflows of €394 million.
Overall, Spanish investors sunk €1.56 billion of net new cash into Spain’s funds in January, according to Inverco.
What Inverco terms as ‘global funds’ also began the year with a positive figure: €478 million.
Short-term fixed income saw the largest outflows, with redemptions of €613 million.
Industry assets under management grew by €446 million to €277 billion - an increase of 0.2% compared to the end of last year.
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