Andorran financial group Andbank has transferred €650 million assets from investment funds managed in Spain to Luxembourg, an operation designed to reach a larger number of investors.
According to Ignites Europe, which quotes the Spanish daily El Independiente, the specialist private banking and asset management group began the transfer to Luxembourg in March. In total, €650 million euros of assets are concerned by the operation.
The funds targeted include those that invest in Spanish, European and American equities.
But funds now domiciled in Luxembourg will continue to be managed from Spain.
Interviewed by El Independiente, Andbank's wealth management manager, Carlos Pérez Parada, explains that the decision to transfer to Luxembourg was taken to reach a wider group of investors and to develop economies of scale. Andbank is also present in Luxembourg in private banking and fund management.