A new Impact Note from Aite Group, LLC examines the introduction of hedge funds into the Spanish market, as well as other changes that are being brought on by the “Summer Law”.
The Spanish market regulator recently approved the “Summer Law”, which introduced, among other things, hedge funds and funds of hedge funds into Spain. The Comisin Nacional del Mercados de Valores (CNMV), Spain’s market regulator, in the end of 2006 approved the final rules surrounding the sale and marketing of hedge funds, making Spain one of the most cutting-edge countries in the world with regard to the retail distribution of hedge funds. In a market where nearly 70 percent of assets are held in fixed income or guaranteed products, the Summer Law is poised to bring vast changes to the market.
“All signs point to renewed interest in the Spanish market, with asset managers streaming into a newly opened hedge fund market,” says Phillip Silitschanu , senior analyst at Aite Group and author of the report. “Along with these new managers, new products, and new clients will come the need for new systems to support all of the resulting trading, accounting, and reporting. The floodgates are now opening in Spain, and they are starting a veritable revolution in nation’s financial services market.”