Despite Spanish funds have lost €314m over the seven months to July, they have achieved an average return of 5.6% during the period, Inverco's July data reports.
Mutua Madrileña, Bankia and Mapfre are the asset management firms leading the inflows in July.
Mutua has topped the list with almost €108m of net subscriptions in the month, followed by Bankia and Mapfre with €99m and €70m respectively. Santander, Amundi Iberia, and Ibercaja come immediately behind with net new money below €50m.
Conversely, Allianz Popular (already acquired by Santander) and CaixaBank have suffered the biggest drops loosing €134m and €105m respectively in July.
Santander then paid €937m to end a partnership between Allianz and Banco Popular over the distribution of insurance products.