Winding down: Wealth managers from Banco Santander SA to UBS Group AG have been busy in recent weeks informing Spain’s market regulator of their intention to close down investment products known as sicavs. — Bloomberg
MADRID: Wealthy Spaniards are rushing to pull their money from a €29bil (US$33bil or RM138.1bil) investment vehicle industry as the government shuts down a tax loophole.
Wealth managers from Banco Santander SA to UBS Group AG have been busy in recent weeks informing Spain’s market regulator of their intention to close down the products, known as sicavs.
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