By IGNITES Europe*
Andorran asset manager and private bank Andbank is moving the majority of its Spanish funds to Luxembourg. So reports El Independiente. The firm, which has a strong presence in Spain, started migrating Spain-domiciled funds to the Grand Duchy in March. It plans to shift strategies with total assets of around €650m to Europe’s leading fund domicile. El Independiente says the move will see Citigroup replace Spanish firm Inversis as the custody bank for the products concerned. Five multi-manager products and a fund of funds range that invest in strategies run by JPMorgan Asset Management, Morgan Stanley and Carmignac are migrating to Luxembourg.(...)
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