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Spanish asset management to shrink
28 May 2012
A new report by RBC Dexia and Accenture predicts huge changes for Spanish asset managers
The Spanish asset management industry will become even more concentrated, according to a report by RBC Dexia Investor Services and Accenture.
The news comes on the back of increasing concerns about Spain’s debt-ridden banking sector, especially Bankia which will need an estimated bailout of €19bn ($23.8bn) from the government.
According to the report, the asset management business in Spain will become more consolidated and specialised with a stronger focus on improving efficiency and performance.
The average size of funds in Spain is just €57m ($71.4m) and has dropped 20% to 2,500 funds in the past three years due to industry consolidation. The top three managers account for 45% of the industry’s overall assets under management, but the remainder hold a share of domestic AuM below the European average.
The paper said that fund managers need to focus not only on managing and distributing standardised products but also on including products that contribute high-added value to their Spanish fund ranges.