Spain’s asset management industry ended the first half of the year with €1.9bn net inflows, despite the hit of Brexit.
Investment funds registered in Spain had €394m net inflows in June, according to data from industry body Inverco.
June’s inflows, however, are far lower than the €1.3bn inflows seen in May and the near €900m seen in March and April.
Net inflows in June mitigated the fall in the fund’s AUM marked by the market’s first reactions after Brexit, which saw Spain’s benchmark stock market Ibex 35 suffering the worst fall in history, with a decrease of 12.3%.
Following UK’s decision to leave the EU, investors shifted investments into more conservative categories such as global fixed income, Inverco said.
Passive funds was the category with the largest growth in June, with inflows of €820m, while equity funds totaled €530m in outflows.
In the last 12 months, Spain’s funds had more than €5.6bn inflows, in spite of high volatility of financial markets seen in the second half of 2015, Q1 2016 and June.