Spanish funds net redemptions hit €768m

Eugenia Jiménez
Spanish funds net redemptions hit €768m

Spanish funds have lost €254m in April, which raises to €768m the figure of net redemptions suffered so far in the year, Spanish asset management industry body Inverco reported.

Absolute return, global equity and passive strategies are the categories from which Spanish investors withdrew more money, with losses of €307m, €225m, and €146m respectively. Spanish equities and mixed equities funds also saw net redemptions of €80m and €68m respectively.

Conversely, monetary and fixed income funds were the categories experiencing higher net subscriptions in Spain, with €182m and €171m respectively.

Despite the significant figure of  money redeemed, Spanish funds' assets under management increased by €2.34bn in April, 0.9% up, standing at around €268.66bn as of the end of the month.

As per funds' categories, global equity funds grew the most adding €966m to its assets under management followed by global funds up by €628m.Guaranteed strategies saw their AUM €43m up.