Representatives of the Ministry of the Economy, Trade and Company, CNMV and INVERCO, together with experts from high-class managers and distributors, have analysed with Cecabank the advances and challenges of the collective investment in Spain
Cecabank, as depositary bank on the market Iberian leader and neutral and independent company, practices a key role in the ecosystem UCITS, avoiding conflicts of interest and strengthening the confidence of the investor
The company reasserts its commitment with the industry of the collective investment, driving new operations as the securities lending to generate added value and accompany to the managers in its evolution
Cecabank has organised a commemorative meeting to ponder on the evolution of the collective investment in Spain, coinciding with the forty anniversary of the Directive UCITS, European standard that transformed the industry of investment funds and the protection of the investor.
The Directive UCITS, approved in 1985 after almost a decade of negotiations, suited the bases for the creation of a solid industry and attuned in Europe. Today, the funds UCITS exceed the fifteen euro trillions in managed assets (twenty-three trillions if are included the alternative funds) and have been consolidated as an overall brand synonym of transparency, security and prosperity, so much for retail investors as institutional. Spain, a pioneer in the legislative harmonisation, approved in 1984 the first Collective investment Institution Act inspired by this standard, anticipating even to its coming into force.
During these four decades, the Directive has been modified in more than twenty occasions, adapting to the regulatory changes and technological, and the Spanish industry has evolved until become a pillar of the financial saving of the families. On these advances and challenges debated representatives of the Ministry of the Economy, Trade and Company, CNMV and INVERCO, together with experts from high-class managers and distributors, with Cecabank as depositary bank on the market Iberian leader.
The meeting began with Ainhoa Jáuregui's welcome, chief executive officer of Cecabank, who emphasised the historic relevance of the Directive and the role of Cecabank in the industry: “Watch to the past to recognise our origins, but above all analyse the present and we imagine the future. A future in which Cecabank, as an Iberian leader in depositary, with more than 300,000 deposited million euros of manager' fifty, will go on accompanying to the industry with rigorousness, innovation and commitment, consolidating the investment funds as a sure harbour for the saving and the investment”.
Below, Jose Marcos, Company' Managing Director of the CNMV, offered the welcome address: “The Spanish sector of CII has had a very solid development during these forty years: the assets has been multiplied for 42 times, until 460 thousand euros, and the number of accounts of shareholders has increased from little more than three millions until more than 17.5 millions”. Jose Marcos said that “the sector can face its future with optimism; is owed deepen in the suitable products design and correctly market them and in interest of the investors”. “From the CNMV will try contribute” added.
The meeting included the Adjustment, innovation and confidence round table ‘. Current challenges of the collective investment ’, that it had Ramón Cardil's share, corporate director of Operations in Trea AM; Miguel López, director of Business in Ibercaja Management; Jesús Pinilla, Administration and Means director in Kutxabank Management; and Rafael Valera, chief executive officer in Buy&Hold, under the moderation of Elisa Ricón, director of Regulation of Cecabank.
Subsequently, Aurora Cuadros, corporate director of Securities Services of Cecabank, tackled the strategic role of the depositary in the lecture ‘More than custody: the depositary's’strategic function. And Brenda Bol, Country Head of Cecabank in Luxembourg, presented the panel ‘Luxembourg, an ally for the growth of the industry’.
The meeting continued with the table ‘Collective investment and distribution: diagnosis from the field’, that gathered to Laura Comas, Development and Transformation director in CaixaBank Wealth Management; Ignacio Izquierdo, Regional Manager Iberia in Allfunds; Emilio Mejía, chief executive officer in Unicaja Asset Management; and Jesús Sánchez-Quiñones, adviser Managing Director in Income 4 Bank, moderate by Fernando Toledano, Business Development director of Cecabank.
Angel Martínez-Aldama, INVERCO'Schairman, The collective investment institutions analysed ‘and the composition of the financial saving of the Spanish’families, highlighting that: “Anniversary of the Directive of UCITS us remembers something fundamental: the confidence of the investor is built on solid regulation. The investment funds that prestige have been earned thanks to reinforced common standards, on-going supervision and transparency. If it do good, and I am surely thus it will be, the investment funds not only they will go on growing, but instead that will be consolidated as the central instrument of million people' saving and as a developmental key pillar economic Spanish”.
The institutional close was the responsibility of Sergio Escobedo, Financial Legislation general assistant manager of the Ministry of the Economy, Trade and Company, who explained the european ventures with regard to saving and investment, including the account of saving and investment and the label Finance Europe, emphasising: «We are still far from the retail levels of investment of other advanced jurisdictions. And this us compels to ponder on what tools need to close that breach. There enter, precisely, the account of saving and investment —como middle to increase the share of citizens in the financial markets and, through it, increase its disposable income futura— and the label Finance Europe —que aspires to channel financing in a structural way and long-term towards the companies of the Economic Space Europeo—».
With this meeting, Cecabank has reasserted its commitment as depositary bank on the market Iberian leader, driving new operations as the securities lending; leading the digital transformation through innovative solutions; supporting the cross-border experience via its branches in Luxembourg and Lisbon and its representation branches in London and Frankfurt; and practicing with rigorousness the function of depositary, function that during forty years has guaranteed the custody of the assets and the vigilance of managers.
