BBVA Asset Management, one of Spain's busiest structured fund providers in 2009, has kicked off the new year with a promotional offer to attract investors to its capital-guaranteed range, it said in a letter sent to the regulator.
BBVA AM will pay 1% to new investors transferring their investments from other fund providers to a new capital-guaranteed structured fund which was launched in December. The transfer will have to take place between 11 and 29 January, and investors will have to remain in the product until maturity in March 2014. Investors are being given the choice of cashing the bonus or subscribing new units of the fund.
BBVA Inversión Europa II is the second tranche of BBVA Inversión Europa, which, according to BBVA Asset Management figures, has an estimated €45.8m in sales volume. Like the previous tranche, BBVA Inversión Europa II is a four-year capped call growth product linked to the performance of the DJEurostoxx50, offering full protection and a potential maximum return of 9.3% per annum.
According to SRP data, BBVA was the most active asset manager in Spain in 2009 alongside Bankinter, with 12 capital-guaranteed structured funds apiece, followed by Grupo Santander's Santander Asset Management and Banesto, with eight structured funds each. Banco Cooperativo Español launched five products. In 2009, regulator CNMV registered up to 95 new investment funds by 35 different providers, of which 56% were capital-guaranteed funds and 23% fixed income funds, it said. Only four products were pure equity funds, five were hedge funds and one was a fund of hedge funds.
BBVA Inversión Europa II is available now in Recent Additions (Spain).