PEDRO COELHO - SQUARE ASSET MANAGEMENT | PORTUGUESE REAL ESTATE INVESTMENT VEHICLES & FINANCING

Open-ended funds have existed for 35 years in Portugal, and only at the time of the sovereign debt crisis did they have negative returns, but during all the other years they not only had positive values above inflation, but also higher returns than fixed-term bank deposits. But to what extent do open-ended funds live off the commercial will of the banks to open the distribution channel?