The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Spain: Investment funds

A special report prepared by Chemical Bank and The Chase Manhattan Bank NA Background.

A EUROMONEY SURVEY - MARCH 1996

After rapid growth of nearly 1000% from 1990 to 1994, the Spanish investment fund industry slowed in 1995 following generally poor market performance in equities, fixed income and currency. Still, the fund industry is a vibrant sector with funds accounting for 17% of GDP compared to 1.7% in 1990. Today there are over three million unit holders.


Regulations allowing investment funds in Spain date back to 1958. Although updated in 1994, the sector remained fairly undeveloped. The relative disinterest in collective investment was finally overcome with the introduction of a more favourable tax regime. Since 1991, in order to cater for its own deposit holders interested in funds, the banking community has promoted the benefits of this tax regime.


Consequently the amount of funds under management grew very rapidly, from Pta3.6 trillion in 1991 to Pta6.3 trillion in 1992, Pta10.2 trillion in 1993, Pta11.2 trillion in 1994 and Pta12.18 trillion by year end 1995. The increase from 1994 to 1995 was less dramatic at 8.45%. Indeed, if fund income is excluded, net growth actually decreased. The first few months of 1996, however, look very promising according to initial figures from the industry.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree