Cecabank has celebrated an event to commemorate the four decades of the european venture
The assets of the CII has happened of 11,000 million euros in 1991 to more than 460,000 millions
On 20 December are fulfilled 40 years of the approval of the Directive UCITS, a series of regulations of the European Union that they regulate the investment funds. It was born with the aim of protecting to the investors and strengthen the capital market. To commemorate it, Cecabank celebrated yesterday a low event the Last, current and future slogan of the collective investment in Spain.
The act included Ainhoa Jáuregui, chief executive officer of Cecabank; José Marcos, Company' Managing Director of the Comisión Nacional del Mercado de Valores (CNMV); Aurora Cuadros, Corporate Director of Securities Services at Cecabank; Brenda Bol, CEO of the Branch of Cecabank in Luxembourg; Angel Martínez-Aldama, INVERCO'S chairman; and Sergio Escobedo, Financial Legislation general assistant manager of the Ministry of the Economy, Trade and Company.
The CEO of Cecabank went the one responsible for inaugurate the event and it did not doubt in praising which the standard has supposed for the sector in the last four decades: «It drove a thriving industry that, on today, has reached the 15 trillions of euros», emphasised Jáuregui during its intervention.
«The standard UCITS has turned to the investment funds in a recognised brand to international level, that it is synonym of transparency, strength, security and prosperity. Cecabank, as lider iberico in depositary, with almost 300,000 deposited million euros of middle centenas of managers, aspires to follow accompanying to the industry, contributing to its robustness and dynamism driving new operations as the securities lending and leading the digital»transformation, the CEO celebrated of Cecabank.
The welcome address was the responsibility of the Managing Director of Companies of the CNMV that it made a retrospective vision of advances of the collective investment in the last 40 years, as well as the challenges to future. «It went the first time that the European passport was regulated for a product on the premise of the fulfillment of some common standards to community level. The European passport was born with the aim of allowing the marketing of the same product in any state of the European Union », Marcos emphasised.
«Thanks to UCITS, the European investors had access to a wider range of product and were seen incumbents in terms of a great responsibility in costs by providers of the service. «The directive constitutes a complete»regulatory framework, the manager sentenced of the CNMV.
Which it has supposed this standard for the Spanish market you can quantify. «In these years, the assets of the CII has happened of 11,000 million euros in 1991 to more than 460,000 millions currently, that is, has been multiplied 42 times in nominal euros and more than 17 times in current»euros, the representative emphasised of the CNMV.
Even though 40 years ago was carried out this significant landmark, the path for touring is still long. A proof of this are all the changes and updates that carried out are had on the standard in the last four decades. Marcos shelled during its intervention the challenges, to those which, from the point of view of the supervisor, is being faced in the short one and medium term. «One of the challenges is the strategy for the Union of Savings and Investments, is an initiative of the European Commission that has as an objective promote the saving and the investment of the European homes and that that investment is channelled via the capital markets », specified.
Challenges of the sector
The event also told with two round tables' celebration. In the first one was debated on the current challenges of the collective investment and it included Ramón Cardil, Corporate director of Operations of Trea AM; Miguel López, director of Business of Ibercaja Management; Jesús Pinilla, Administration and Means director of Kutxabank Management; and Rafael Valera, chief executive officer of Buy&Hold.
Taking into account that the standard follows in force for already four decades, it may be possible that the obsolescence compelled to create a new one. Nonetheless, «this was created a long time ago, but is very well designed«, ensured during its lecture Pinilla, of Kutxabank Management. An argument that strengthened the rest of the presents, who added the effort undertaken by managers in recent years . Specifically, in the departments of risk, fulfillment and audit.
For the experts, the dynamism, the sophistication of product, the professionalisation of the sector's people and the digitisation, have been some aspects that they have taken to the field of managers to get around the obstacles. «It is spectacular the speed to that which have adapted»us, López stated, of Ibercaja Management. As a conclusion, the experts stated that the sector enjoys good health and they predicted a better life , thanks to the collaboration, to the team work and to the confidence of the investment.
On the other hand, the diagnosis of field of the collective investment and its distribution marked the debate of the second talk. In this occasion included Laura Comas, Development and Transformation director of CaixaBank Wealth Management; Ignacio Izquierdo, regional manager Iberia of Allfunds; Emilio Mejía, Unicaja's chief executive officer Asset Management; and Jesús Sánchez-Quiñones, adviser Income Managing Director 4 Bank.
Although during the last four decades the types of investments and the role of distributors have evolved in a substantial way, «possibly in the next four years this will be a lot more that the lived one until now », stated Mejía, of Unicaja AM. Similarly, the profile of the investor is neither the same one that yesteryear, even though is still «very conservative». Some factors that motivate to it have see with the population pyramid and the concept of the property as a source of richness.
When it comes to the role of distributors, all the speakers were all right in which the advice is essential, because «for the client is very difficult choose in the supermarket of investments», explained Comas, of CaixaBank. Example of this, went when in the explosion of the Covid, the markets suffered of major volatility. «At the time, the clients with portfolio of markets were untroubled because understood that there were professionals that took care of its assets», pointed out.
For the future, the participants forecasted a revolution so much to short as long-term . They appointed terms as the tokenización, that it will shorten terms and risks on time actual. In addition, highlighted the human talent, that it will contribute value as never.
Luxembourg, key market
Luxembourg plays a key role in the sector of the investment funds. In fact, has been consolidated as worldwide leader in the cross-border distribution of investment funds, with an assets of 26,649 million euros of Spanish and Andorran signatures to May 2023, distributed in 52 groups. The trend follows with an upward trend and 14% of funds launched to the market in the last five years have been done with a Luxembourg ISIN.
This market offers an efficient taxation and a flexible structure for the creation of financial products, backed by a stable legal framework. This regulatory environment allows to the investment funds expand its base deinversores, access corporate investors and international markets and increase its funds' visibility. The Luxembourg legislation gives a wide range of financial vehicles, from funds UCITS and AIF until structures specialised in deprive you equity, private infrastructures or debt.
Against this background, Cecabank has set up in Luxembourg with the goal of cementing its footprint in the global market, supporting its current customers in driving its investment fund business and diversifying its offering. Thus, Cecabank is positioned as a strategic member that offers solutions adapted to the needs of each company, regardless of its size, helping them to consolidate and do grow its business in a competitive environment.
«We initiate the strategic plan of opening a branch in Luxembourg, accompanying to the clients in processes of externalisation. We want accompany so much to the Spanish clients as to the European», Brenda emphasised Bol, CEO of the Branch of Cecabank in Luxembourg.
The victory of the management was reflected in the speed in which the licence was obtained for the branch of Luxembourg. «At the beginning of the 2024, decide plunge with its opening, presenting the dossiers to the Banco de España. We obtained the willingness and banking licence of notary's office in just 9 months», specified Bol. This bureaucracy, according to pointed out the directive, usually takes between a year and middle and two years. This levity allowed them be operations and be open from this year 2025.
A reliable history
The close of the meeting was the responsibility of Angel Martínez-Aldama, INVERCO'S chairman; and Sergio Escobedo, Legislation General deputy director Financial of the Ministry of the Economy, Trade and Company. Both coincided in defining to the Directive UCITS as a successful history.
«Spain went one of the first countries in adopting, even before being part of the European communities. Revising figures of the year 1985, there were 895 millions and little more than 1,000 millions in investment trusts. This week have known that in subscription only in November reach the 2,700 millions, that is, in a month we have attracted everything the accumulated assets of the year 1985. That shows to UCITS as a victory based on confidence, protection and recognition overall in the quality of the management of the assets», the chairman pointed out of INVERCO.
In a very similar line the General Legislation deputy director was pronounced Financial of the Ministry of the Economy, Trade and Company, who qualified UCITS as «a reliable »history. «In Spain it know good, for million homes has been the door of investment», celebrated.
According to Escobedo, Europe registers one of the saving rates higher to worldwide level, however, is not been making good use of everything its potential. «From 2010, the gross rate of saving is of 12.9%, reached its maximum in 2020 with 18%, but a very significant part is in deposits, about 10 trillions of euros. It is estimated that an increased involvement of the homes would be able to generate in a single year about 2,500 millions and until 750,000 millions in 10 years. These figures show the potential of the saving's»mobilisation, the expert specified.
A situation that it is extrapolative to Spain. «In Spain, the characteristics are similar. The saving of the homes is in line with Europe, around 13%«, the deputy director indicated.
The assets of the homes still represents a very high weight, approximately 75%, and the portfolio of assets of diversification still is registration. Within this portfolio, 35% still corresponds to deposits and cash. These figures show the major mobilisation potential of the saving of the Spanish»families, Escobedo claimed.
