Caixabank AM attracts more than €1bn inflows in July

Caixabank AM attracts more than €1bn inflows in July

Caixabank AM has attracted €1.07bn in net inflows in July, according to data from Spanish industry body Inverco.

Net inflows in July have reversed outflows of €610m in the first half of 2016, and the asset manager of the Spanish bank racks up now €466.3m of inflows throughout the year.

The asset manager’s turnaround in flows is linked to a passive fund: Caixabank Rentas Euribor, which has managed to add inflows of €1.6bn in just one month, data from Imantia Capital shows.

The new fund of Caixabank was approved in June by the Spanish financial regulator CNMV, a spokesperson told InvestmentEurope at the time.

The fund aims to preserve the initial invested capital, which minimum amount is €10,000. The fund makes eight annual mandatory refunds of variable amount, linked to the Euribor 3 months rate.

“The fund is intended for a domestic investor (the currency risk is avoided) rather than international investors. On the other hand, it is mandatory to have an open account in Caixabank, hindering investments by institutional international investors,” the spokesperson said previously.

According to Imantia, Caixabank Rentas Euribor is the fund with the largest growth seen in recent months. Back in November 2015, Caixabank AM attracted €1.7bn with another fund: Foncaixa Monetario Rendimiento Estándar.

Bankia’s Garantizado Rentas 15 fund saw the second largest growth in July, followed by BBVA Bonos Internacional Flexible 0-3, with €199m and €195m of inflows respectively.


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