Mutual Funds and SICAV

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Collective Investment in Transferable Securities:
Mutual Funds & SICAV


Collective Investment in Transferable Securities (UCITS) are entities whose purpose is to attract funds from multiple investors to be jointly managed and invested in assets, rights, securities or other instruments in order to obtain a return.

UCITS can invest in both financial and non-financial assets. Those that invest in financial assets can be of two types: Mutual Funds (FI) and Variable Capital Investment Companies (SICAV).

  • Mutual Funds: These are UCITS without legal personality. This means that the administration, representation and management of the different assets that make up the fund falls to entities qualified for this purpose, such as the UCITS Management Companies. Their assets are divided into shares.
  • Variable Capital Investment Companies (SICAV): These are UCITS that come in the form of a stock corporation. They have two governing bodies, the Board of Directors and the General Shareholders’ Meeting. These two organs are responsible for the administration, representation and management of the different assets that make up the Company. The Company may delegate its functions to qualified entities such as UCITS Management Companies. Their assets are divided into shares.

For each UCITS, there are two key entities, the UCITS Management Company and the Custodian Entity. These entities ensure the good functioning of the UCITS thanks to the control and supervision they exercise mutually.

UCITS Management Companies (SGIIC in Spain) are public limited companies whose corporate purpose is the management, administration and representation of investment funds and companies.

Depository Entities are qualified financial entities that assume the custody of the securities, cash and, in general, the assets that are the object of the investments of collective investment institutions.


Advantages of investing in UCITS (FI and SICAV):

  • UCITS are subject to Corporation Tax, but are taxed at a reduced rate of 1%. The participants or shareholders, in addition to benefiting from this reduced rate, defer the payment of the IRPF (income) tax until the reimbursement of the shares/participations, with the consequent tax benefit.
  • Diversification of risk: The current regulation on UCITS limits the risk by setting limits on the concentration of the investment.
  • Transparency: The current regulation also guarantees transparent management and exhaustive management control.
  • As it is a highly regulated activity, it guarantees a high degree of legal security for investors.
  • The assets of the UCITS, as they belong to multiple investors, allow access to certain financial assets with reduced operating and investment costs.
  • It is a highly liquid and flexible asset, allowing investors to invest or divest their shares whenever they wish.
  • Professionalised investment management, carried out by experts.


Mutual Funds and SICAV