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Competition and structure of the mutual fund industry in Spain: the role of credit institutions

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  • María Isabel Cambón Murcia
  • Ramiro Losada

Abstract

CONTENTS: The aim of this Working Papers is to provide evidence of the possibility that investors in investment funds may highly prefer to centralise their financial operations in one single entity, in line with the universal banking model predominant in Spain. This preference seems to be more intense in the retail segment of the industry and helps explain the growth in the number of mutual funds between 1995 and 2010 and the fact that the management fees charged and the level of concentration of UCITS managers are bigger in the retail segment than in the wholesale market.

Suggested Citation

  • María Isabel Cambón Murcia & Ramiro Losada, 2012. "Competition and structure of the mutual fund industry in Spain: the role of credit institutions," CNMV Working Papers CNMV Working Papers no. 5, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
    • Handle: RePEc:cnv:wpaper:dt_54en
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    File URL: http://www.cnmv.es/DocPortal/Publicaciones/MONOGRAFIAS/WP54_weben.PDF
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    References listed on IDEAS

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    Cited by:

    1. Filip, Dariusz & Miziołek, Tomasz, 2019. "Koncentracja polskiego rynku funduszy inwestycyjnych," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2019(4), December.
    2. Dariusz Filip & Tomasz Miziołek, 2019. "Market Concentration in the Polish Investment Fund Industry," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 4, pages 53-78.
    3. María Isabel Cambón Murcia & Ramiro Losada, 2013. "Evidence from purchases and redemptions in the Spanish equity fund market," CNMV Working Papers CNMV Working Papers no 56, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.

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