Representatives from the Ministry of Economy, Commerce and Business, CNMV and INVERCO, together with experts from leading asset managers and distributors, have analysed the progress and challenges of collective investment in Spain alongside Cecabank
Cecabank, as the leading depositary bank in the Iberian market and a neutral and independent entity, plays a key role in the UCITS ecosystem, avoiding conflicts of interest and reinforcing investor confidence
The entity reaffirms its commitment to the collective investment industry, promoting new operations such as securities lending to generate added value and support asset managers in their activity
Cecabank has organised a commemorative event to reflect on the evolution of collective investment in Spain, coinciding with the fortieth anniversary of the UCITS Directive, European regulations that transformed the investment fund industry and investor protection.
The UCITS Directive, approved in 1985 after almost a decade of negotiations, laid the foundations for the creation of a strong and harmonised industry in Europe. Today, UCITS funds have over €15 trillion in assets under management (€23 trillion including alternative funds) and have established themselves as a global brand synonymous with transparency, security and prosperity, for both retail and institutional investors. Spain, a pioneer in legislative harmonisation, approved the first Law of Collective Investment Institutions in 1984, inspired by this regulation, even anticipating its entry into force.
Over the course of these four decades, the Directive has been amended more than 20 times, adapting to regulatory and technological changes, and the Spanish industry has evolved to become a pillar of families' financial savings. Representatives from the Ministry of Economy, Commerce and Business, CNMV and INVERCO discussed these advances and challenges, along with experts from leading asset managers and distributors, with Cecabank as the leading depositary bank in the Iberian market.
The event began with a welcome from Ainhoa Jáuregui, CEO of Cecabank, who highlighted the historical relevance of the Directive and Cecabank's role in the industry: 'We look to the past to recognise our origins, but above all we analyse the present and imagine the future. A future in which Cecabank, as the leading Iberian depositary bank, with more than €300 billion deposited from 50 asset managers, will continue to support the industry with rigour, innovation and commitment, consolidating investment funds as a safe haven for savings and investment.'
Next, Jose Marcos, Director General of Entities at the CNMV, delivered the inaugural address: 'The Spanish collective investment industry has seen very solid development over these 40 years: The assets have multiplied 42 times, to €460,000, and the number of participant accounts has increased from just over three million to more than 17.5 million.' Jose Marcos went on to opine that 'the sector can be optimistic about its future; we must delve deeper into the proper design of products and market them correctly and in the interest of investors.' 'We at the National Securities Market Commission will try to contribute', he added.
The day included the round table 'Adaptation, innovation and trust. Current challenges in collective investment', which included the participation of Ramón Cardil, Corporate Director of Operations at Trea AM; Miguel López, Business Director at Ibercaja Gestión; Jesús Pinilla, Director of Administration and Media at Kutxabank Gestión; and Rafael Valera, CEO at Buy&Hold, moderated by Elisa Ricón, Director of Regulation at Cecabank.
Subsequently, Aurora Cuadros, Corporate Director of Securities Services at Cecabank, addressed the strategic role of the depositary in the presentation 'More than custody: the strategic role of the depositary'. And Brenda Bol, Country Head of Cecabank in Luxembourg, presented the panel 'Luxembourg, an ally for the growth of the industry'.
The day continued with the panel 'Collective investment and distribution: diagnosis from the field', which brought together Laura Comas, Director of Development and Transformation at CaixaBank Wealth Management; Ignacio Izquierdo, Regional Manager Iberia at Allfunds; Emilio Mejía, CEO at Unicaja Asset Management; and Jesús Sánchez-Quiñones, Managing Director at Renta 4 Banco, moderated by Fernando Toledano, Director of Business Development at Cecabank.
Ángel Martínez-Aldama, President of INVERCO, analysed 'Collective investment institutions and the composition of Spanish families' financial savings', highlighting that: 'The anniversary of the UCITS Directive reminds us of something fundamental: Investor confidence is built on sound regulation. Investment funds have earned that prestige thanks to shared standards, continuous supervision, and enhanced transparency. If we do it right, and I'm sure we will, investment funds will not only continue to grow, but will consolidate their position as the central savings instrument for millions of people and as a key pillar of Spanish economic development.'
The closing speech was conducted by Sergio Escobedo, Deputy Director General of Financial Legislation at the Ministry of Economy, Commerce and Business, who outlined European initiatives in the areas of savings and investment, including the savings and investment account and the label Finance Europe, highlighting: 'We are still far from the private investment levels of other advanced jurisdictions. And this forces us to reflect on what tools we need to close that gap. This is precisely where the savings and investment account comes in—as a means to increase citizen participation in financial markets and, through this, increase their future disposable income—and the label Finance Europe —which aims to channel financing in a structural and long-term way towards companies in the European Economic Area.'
With this event, Cecabank has reaffirmed its commitment as the leading depositary bank in the Iberian market, promoting new operations such as securities lending; leading the digital transformation through innovative solutions; supporting the cross-border experience through its branches in Luxembourg and Lisbon and its representative offices in London and Frankfurt; and rigorously exercising the function of depositary, a role that for forty years has guaranteed the custody of assets and the supervision of asset managers.
