Suspensions spark Spanish debate
Spanish fund managers are keen to re-establish the industry’s reputation after the trading suspension of six mutual funds and nine investment companies, managed by Commerzbank subsidiary Afina Gestión, sparked debate about possible irregularities in the market.
The sector’s regulator, CNMV, suspended trading of the funds after Afina detected valuation calculation errors. Even though the action was attributed to technical problems, fund managers were upset to hear comments coming from CNMV’s head, Blas Calzada, regarding irregularities and the need for better supervision.
A Madrid-based fund manager commented: “This is a sector where trust is crucial. We were surprised to hear him talking about irregularities in a market that, in our opinion, is perfectly healthy.”
Deutsche extends private division
Deutsche Bank’s Private and Business Clients’ (PBC) division is planning to roll out its pioneering “guided architecture” system, previously only available to German clients, through three more countries in Continental Europe.
This means funds manufactured by the bank’s eight strategic partners, plus in-house funds company DWS, will be available through Deutsche Bank branches in Belgium, Italy and Spain. Deutsche Bank’s external partners are currently Alliance Capital, Fidelity, Franklin Templeton, Invesco, Merrill Lynch, Morgan Stanley, Schroders and UBS.
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