$33bn investment industry hit in Spain loophole clampdown

Wealthy Spaniards are rushing to pull their money from a 29 billion-euro 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. So far, more than 800 out of the 2,276 registered sicavs have announced their intention to close, according to the regulator, known as CNMV.

A vehicle worth 255 million euros set up for Sandra Ortega, the daughter of Inditex SA’s founder Amancio Ortega and Spain’s richest woman, will be closed as a sicav and the assets shifted to another type of vehicle, according to a regulatory filing Friday. Santander has announced the liquidation of sicavs worth 436 million euros, while UBS has told the regulator it will close vehicles holding 332 million euros.

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