La cuenta de inversión deja fuera al 90% de los fondos españoles

Less than 5% of the assets meet the requirements of the proposal designed by Economy. The Ministry of Economy greenlit the Cuenta de Ahorro e Inversión Financiera Europa, a key proposal by the European Commission to boost firms' competitiveness at the European level, last week. This formula, aimed at encouraging long-term investment among Spaniards, ultimately seeks to accelerate the transfer of more than a billion euros currently sitting idle in interest-free deposits.

Practically, the new account, inspired by successful investment products in various European countries, such as Sweden, allows investment in up to 150,000 euros worth of different investment assets that bet on Europe. According to the financial sector, this appears to be the most comprehensive public initiative on investment in Spain since fiscal rules for funds were changed in 2003 to grant them tax exemptions for transfers.

One of the major uncertainties surrounding the new account before hearing the government's proposal was which entities would manage it. According to information gathered in the Official Bulletin of the State (BOE), Spanish savings and investment accounts could be offered by credit institutions and Spanish securities companies and agencies, including equivalent entities operating in Spain through a branch.

However, the government has excluded asset management companies of collective investment institutions or closed-end investment entities from the distribution of this product, which they cannot commercialize, even though they are authorized to provide certain investment services. Asset managers cannot act as suppliers of the new account.

Nevertheless, investment funds that manage them could play a prominent role. The new product, which includes tax incentives to boost its appeal, could invest in shares, traditional investment funds, and listed ETFs. The National Securities Market Commission (CNMV) will be responsible for maintaining a registry where managers must register investment funds they wish to include in the accounts, provided they meet certain requirements.

At least 70% of the total portfolio value should be invested in assets linked to the European Economic Area, at least 50% in variable income, and additionally, at least 35% of the total portfolio value in variable income calculated as assets of that space. These requirements significantly restrict the number of eligible Spanish passported investment funds that could start forming part of the new accounts.

According to market calculations, less than 10% of national investment funds (around 130 vehicles) meet the required criteria. While in terms of asset volume, less than 5% of the total wealth meets the requirements of the proposal designed by the Ministry of Economy. However, the Association of Collective Investment Institutions and Pension Funds values the launch of any initiative that encourages long-term investment.

It identifies some limitations in the design of the initiative, such as the exclusion of asset management companies from its suppliers and stringent eligibility requirements for funds that are overly focused on variable income. In this sense, Inverco proposes establishing a system of progressive requirements for investment funds to allow their portfolios to gradually adapt to the account's requirements.