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Bankia stokes the passive management war with new 'low cost' funds

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Bankia Asset Management stokes the passive management war in Spain by reinforcing its offer of 'low cost' funds with new products that replicate the markets of Wall Street, European fixed income and emerging markets. His manager has launched up to four new funds with a management fee between 0.36%, for clients with portfolio management contracts, and 0.9%, for the rest of investors.

This has range has been nicknamed as Bankia Index, and complements the Bankia Index funds that already existed on parks such as the Ibex, the EuroStoxx or Japan (hedged), among others. They all have the same commissions.

In its four new products, it has been added the exception that the maximum deviation from the replicated index is 5% per year. Bankia Index USA replicates the S&P 500 Net Return; Bankia Index RF Corto reproduces the Bloomberg Barclays Euro-Aggregate Government 1-3 Year Total Return, which aggregates grade investment grade ’debt issues of euro zone governments with an average duration of two years; Bankia Index RF Largo is indexed to the Bloomberg Barclays Euro Treasury 5-10 Year Total Return, with debt issues also of European government quality and an average duration of eight years, while the Bankia Index Emergentes replicates the MSCI Emerging Markets Net Return, which includes 1,400 high and medium capitalization companies from 26 emerging countries.

The funds will monitor these indices by physical replication (stocks) or synthetic replication (with futures, 'total return swap' or ETF), especially the latter, according to their prospectus. The universal class in this range, which is open to all investors, has a 2% redemption fee for units less than seven days old.

THE WAR OF PASSIVE MANAGEMENT IN SPAIN

Spanish managers are gradually joining the trend of 'low cost' funds, opening a downward price war between them. In addition to Bankia, other large ones such as CaixaBank or BBVA also have important ranges of this type. A few days ago the Catalan entity presented its new discretionary Smart Allocation wallets, with a cost of 0.70% per year, dynamic risk management and based on different passive funds of the house. For its part, BBVA has already been trading its index funds for almost three years Bindex, aimed at institutional, and it is the only Spanish manager that maintains local ETFs.

At the beginning of the year, Mutuactivos also set foot in passive management with a Dow Jones fund, with commissions between 0.10% and 0.25%, on average, the lowest in Spain, and MyInvestor (Andbank) has started selling passive funds of Vanguard, BlackRock and Amundi without minimum or custody. Although it was Bankinter, through Popcoin, who in 2018 became the first Spanish bank to offer index fund portfolios.

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