Spain’s Banco Santander has seen its mutual funds decrease by 4% to €129.8bn in Q1 2016, when compared to the previous quarter.
Year-on-year, mutual funds AUM fell 5.3%, according to Banco Santander’s latest earnings report.
The fall in AUM in the last 12 months is linked to the negative impact of exchange rates, particuarly the weakening of the Brazilian real and Mexican peso, two markets in which Banco Santander’s asset management division is present, a spokesperson for the bank told InvestmentEurope.
The decline of this year’s first quarter was due to the negative development of financial markets, the spokesperson said.
Similarly, the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) saw a decrease in its mutual funds AUM over the first quarter of 2016, which was linked to the high volatility of markets for the period.
Banco Santander registered attributable profit of €1.63bn in the first quarter of 2016, a 5% decrease compared to the same period of 2015. This decline is due to the depreciation against the euro of the currencies of all the countries where the group is present, except the dollar. Without the exchange rate impact, profit would have increased 8%, the bank said.