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

María Isabel Cambón Murcia and Ramiro Losada

CNMV Working Papers from CNMV- Spanish Securities Markets Commission - Research and Statistics Department

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.

Date: 2012
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