Spain’s Bankinter has attracted over €2.6bn in the last twelve months, 36.5% up compared with the same period last year, the bank’s latest report showed.
The bank closed the first six months of the year with assets over €10bn in investment funds, a rise of 23.1% since January.
By type of funds, the bank highlighted the significant increase in both long-term and short-term fixed income funds, which rose by 156.9% and 99.3% respectively. The assets for these two categories together rose by €743m between January and July. In addition, the increased appetite for risk among investors is leading to the transfer of assets from guaranteed funds and money-market funds into mixed and equity funds, which in the case of Bankinter Asset Management amount to more than €450m in 2014.
Bankinter also stressed the growth in assets and the number of funds from international managers. At the end of July, the bank was managing over 800 third-party funds with a value of €3bn, 42% more than at the beginning of the year.
“This growth is due to many factors, notably the bank’s strong commitment to the private banking sector, whose clients see investment funds as a flexible product with attractive tax treatment. We can add to this
a scenario of low interest rates that is leading clients to seek more profitable investment alternatives,” says Miguel Artola, head of Bankinter Asset Management.
Artola also said that he believes investment funds will continue to be one of the products most sought after by clients for the remainder of the year. The bank therefore expects to close 2014 with an increase of more than 20% in the volume of assets under management compared with 2013, which was one of the most outstanding years in recent times as regards both new business and profitability.