A resurgence in investment funds
Following five years of decline, investment funds grew
by 25% in 2013 to €153.83 billion. Around 85% of this
increase came from new subscriptions in 2013, which
exceeded €23 billion. The largest fund inflows were into
the fixed income and passively managed categories.
Therewere also significant net subscriptions for domestic
equity funds, which accumulated €1.20 billion in the
year. According to the INVERCO classification, the assets
of domestic equity funds doubled in 2013 to over €4
billion. These funds now represent around 2.5% of total
funds in Spain, having fallen to 1% during the crisis years.
However, whilst meagre, these figures continue showing
an investor preference for direct stock market participa-
tion through positions in listed shares, according to the
quarterly Financial Accounts published by the Banco de
España.
There were 5,102,948 investment fund participants at
year-end 2013, over 600,000 up on December 2012. As
with funds, the largest increases were in the fixed income
and passively managed categories, at 130,000 and
300,000, respectively.
The foreign collective investment institutions segment,
which started being marketed in Spain in 2012,
continued to grow in the second half of 2013, both in
terms of investment volumes and participant numbers.
The assets of these institutions increased by 27% in the
first six months of the year, exceeding €18.0 billion, and
in terms of companies, increasing by 27.2%, to over €40.0
billion. Investors increased by 16.4% to 950,000.
Source: INVERCO
Reimbursements/net subscriptions to investment funds in Spain
(2010-2013). Monthly gures, million euros
3,900
3,500
3,100
2,700
2,300
1,900
1,500
1,100
700
300
-100
-500
-900
-1,300
-1,700
-2,100
-2,500
-2,900
-3,300
-3,700
-4,100
-4,500
Jan 10
Mar 10
May 10
Jul 10
Sep 10
Nov 10
Jan 11
Mar 11
May 11
Jul 11
Sep 11
Nov 11
Jan 12
Mar 12
May 12
Jul 12
Sep 12
Nov 12
Jan 13
Mar 13
May 13
Jul 13
Sep 13
Nov 13
Dec 13
Business Areas
Annual
Report 2013
BME
40
1...,30,31,32,33,34,35,36,37,38,39 41,42,43,44,45,46,47,48,49,50,...236