The unavoidable transformation of collective investment managers‎

‎Let's see where the shots have gone in 2011 in what we could call a perfect storm, since, in addition to the situation of the markets, the savings capacity is very limited given the economic evolution in our country. Also, taking into account that one of the advantages of the funds and highly valued, its liquidity has been forced to compensate for the‎‎ illiquidity of the real estate sector.‎
LThe data to give us a panoramic idea are the following:

1) The managed assets at the end of the year are 127,000 million euros, what represents a decrease of 7% with respect to the beginning of the year. However, since the peaks in April 2007, the decrease is 50%

Is it only for the needs of the participants or does it have something to do with the necessity of liquidity of the financial sector and the change is promoted by the entities, or by the participants to whom the funds were endorsed, because the margin was much bigger than that of the fixed terms? Could it be that the risks will not be explained correctly or is it that equity managers did not react quickly to what was coming?‎ Why didn't mixed or absolute return funds grow significantly as an alternative to the stock market?

2) Fixed income guarantees have been gaining prominence: This year more than half of the new funds are guaranteed. The category of funds with the most assets under management is guaranteed fixed income with 25%, followed by short-term fixed income, with 20%. ‎

What do they guarantee and to who? What commissions do they cover? Why are these products practically unknown in other latitudes?

3) The leading entities in the Spanish market, Santander, BBVA, and Caixa lead the process but while the latter has gained market share through guarantees, the first two, probably due to liquidity needs, have lost positions in favor of independent entities.

4) The foreign managers which manage more than a third of the volume of Spanish managers, have also suffered a similar equity loss, despite their higher advertising expenses and presence in the media. About fifteen new foreign managers (not the lease profits) landed here.
‎The situation in relation to pension plans is somewhat worse, if possible. Their equity fell by around 4% ‎‎and the average equity-weighted return fell by almost 2%. The guaranteed fixed income plans are the ones that by far abysmally grew the most.‎

‎It is logical that we ask ourselves who benefits from the tax relief since the plans are far from maintaining our purchasing power? ‎‎The State and the autonomous communities have paralyzed the contributions of officials‎‎ to these entities and no one has protested that every year the assets decreased despite the contributions, and that nobody understands its measly profitability.‎

‎Now that the bank is going to reduce in size, (to finance the state, city council or autonomous community with a spare office) and they are going to produce a sectoral concentration in which half of analysts, managers and brokers are left over, it is time to take the leap and look at the deficit of really independent advice (not the one that is dedicated to the recovery of commissions and to deceive the client) in our country.‎

It is one of the few sectors with growth possibilities in this stagnant economy and the first to take the step will win. In these same pages we have ‎‎the example of Víctor‎‎ Alvargonzález who add value and whose analyses are full of common sense.‎

‎Nobody better than those who have really worked in the sector and who know the needs of the client to adapt the products with their investment horizons‎‎ and avoid that for a certain fixed income issue charge 80% or 90%, when the broker has bought it two minutes before at 70%. And more importantly without warning you of the risks and having an investment plan and objective.‎

‎It is time for EAFIs and independent managers (in addition to the traditional ones) with good results in management such as Gesconsult, Metagestión, Mutuactivos, Mirabaud, Catalana Occidente, EDM, Patrivalor, Gaesco etc. that must make efforts to make themselves known and approach potential customers.‎
Faced with the inertia of the large managers where the gold withdrawals of the jubilable and inept land, the opportunity is born for those whose only means of livelihood is true advice. We will see soon who has won in this struggle and most importantly if the client has benefited and instead of destroying value has been created, and ceases to be chastened.‎

PS: Mr. de Guindos and Mr. Montoro. Make yourself late and fixed income broker and with the money raised by the treasury to these tires buy the issues of my community, which are trading in the secondary with returns well above 10%. But first, please ask the Camps and the Vela brothers for explanations, of how we got here and where the money is. If we do not ask for a moratorium as our communities do, when it comes time to pay taxes. ‎
‎It is preached by example and we will see if those who doubt their willingness to put someone in jail is true, but to begin with, I invite you to take a walk around here to see if there is any free ruler. ‎‎The profit of theft continues to far outweigh the risk of punishment ‎‎and its words and what is more important the future of Spain is in question.