Recent articles by: Patrick Smith
  • September 2019Opinions & Features

    Spain

    As in the previous month of June, the operator making the most impact on the domestic scene was Catalonian big gun, CaixaBank. The transfer of assets within its fund range – related to the remodelling of its discretionary-portfolio service - was even more sweeping this month than last. Even so, the ultimate net-sales effect in the domestic arena was, essentially, …
  • September 2019Opinions & Features

    Spain

    A quick glance at this month’s domestic fund sales' rankings was enough to underline the unsurprising fact that asset managers with access to the distribution networks of leading banks ruled the local roost. Thus the fund arms of Santander and Bankia respectively featured at the top of the headline sales' chart. Meanwhile, in the sphere of third-party funds of funds, …
  • September 2019Opinions & Features

    Spain

    After June’s spate of new offerings, the pace of launch activity eased slightly this month but was still brisk, with 20 new portfolios introduced in July from eight different groups. Nine new third-party funds of funds dominated the product mix of the new crop, alongside a quartet of mixed-asset products, and an assortment of bond (3 funds), equity (2) and …
  • September 2019Market Focus

    Positively flat

    The main asset class positives in last month’s domestic sales pattern were repeated in July, but much more emphatically, and with bond edging out equity to assume the best-seller spot. The scale of the equity intake nevertheless stood out in a month of largely negative flows for that class in other European fund markets. A record sales slump in the …
  • August 2019Opinions & Features

    Spain

    With fresh offerings coming from ten groups in June, a step-up in domestic product-development activity produced an unusually high total number of new offerings: 25. This brought the total launched in the year to date to 79, as against 67 in the same period last year. Whereas, in the first five months of the year, mixed-asset and guaranteed funds together …
  • August 2019Market Focus

    Appearances are deceptive

    The domestic arena rounded off a moderately positive first half-year at headline level, with the pace of overall net inflows increasing slightly in June. However, this month’s increased net inflow cannot be taken at face value. In reality, it was essentially an inhouse rotation as domestic big gun CaixaBank created some new funds based on existing assets. Discounting these, the …
  • August 2019Opinions & Features

    Spain

    From a pure sales viewpoint, the fund-distribution scene looked fairly lacklustre this month for domestic groups. Much of what seemed at headline level to be an upturn in the overall pace of net inflows turned out to be the product of internal asset transfers between the funds of a single group (CaixaBank), as opposed to genuine sales activity. For international …
  • August 2019Opinions & Features

    Spain

    Domestic groups collectively registered their best month of overall headline net sales year-to-date. However, this gain stemmed from internal fund asset transfer activity by a single group (CaixaBank) which included a large switch into a new equity fund, from a fund-of-funds vehicle. The five leaders among a minority of domestic players (45%) with headline net sales in the black year …