International funds distributed in Spain had net outflows of €500m in the last quarter of 2016, according to estimations from industry body Inverco.
Asset managers disclosing data on flows posted net outflows of €388m in Q4 2016. Outflows were driven by a more than €1.5bn decrease of net sales to retail investors, while sales to international investors went down by about €541m.
The data available (see table below) shows Deutsche AM had €526m of outflows by retail clients, followed by JP Morgan AM, which posted €472m outflows.
Pioneer Investmens registered the largest outflows (€284m) by international clients in Q4 last year, followed by JP Morgan AM (€205m).
On the other hand, Robeco led the retail sales in Q4, after receiving €410m inflows, followed by CaixaBank with €235m. BlackRock registered the largest inflows from institutional clients totalling €258m, followed by Picted with €257m.
According to Inverco estimations, assets under management (AUM) of international funds distributed in Spain increased by 5.9% to €125bn through December last year, when compared to the previous year.
Fixed income/money market funds account for the highest percentage (33.5%) of the total managed assets, while equity funds made up 32.4% of total estimated AUM in 2016.