The Spanish financial group BBVA has announced the launch of a global funds distribution platform – specialised in international funds- to be available for retail clients in January 2018 through BBVA’s website.
The platform will offer clients a wide range of international funds in which they can invest, while it provides complementary tools including search engines, comparators, a funds’ library, as well as training content on those funds traded.
BBVA’s decision comes in order to adapt itself to the new regulatory environment resulting from the upcoming Mifid II, which aims for banks to end up with the commisions they used to charge to clients when they were selling their own funds. Conversely, the new legal framework will force financial companies to offer retail clients some type of ‘added value’ in order to charge that commission.
In this sense, Mifid II considers that offering investors a range of financial products from other fund managers could be considered as an added value – precisely the option BBVA has opted for.
According the Spanish daily Cinco Días, the new platform is aimed at those BBVA retail clients that have below €100,000 of saved financial assets. For those with a higher volume of money saved, the Spanish entity will provide an enhanced advisory service.