Spanish insurer Mapfre has posted a 30% increase of its mutual funds’ assets under management (AUM), reaching €3.2bn.
Last year, mutual funds had net inflows of €78.2m in 2016, which represents a 9.7% increase over the previous year.
The Spanish firm announced in July last year plans to strengthen its asset management division by expanding operations in Luxembourg.
Mapfre is set to distribute Spanish equity funds in Luxembourg, as well as global and European equities funds, in addition to multi-strategy products, with the aim to reach global presence in countries where Mapfre operates already as insurer.
“We want to take advantage of our global presence to fine-tune our skills in asset management,” Jose Luis Jimenez, CEO of Mapfre Asset Management, said last year.
The executive, who worked previously in Banca March, said the current situation of near zero interest rate in deposits is suitable for the insurance group to develop its full potential in the funds business.
In January, Mapfre launched the private banking unit Mapfre Gestión Patrimonial, a wealth management business aimed at retail clients wanting to monetise their savings through an open architecture model.
The service is delivered through Mapfre’s network, along with a new office in Madrid, with a team of 16 professionals. The firm also plans to open another office in Barcelona.