The assets under management of Spanish individual pension plans increased by 0.65 per cent in July, according to VDOS.

This equates to an increase of €540m and brings total managed assets to €83,641m at the end of July. VDOS said the increase was due to the positive performance of portfolios worth €572m. However, net redemptions of €32m were recorded.

By type of institution, cooperative credit societies recorded the largest net deposits with €25m. In percentage terms, cooperative societies also achieved the largest increase in assets, with 1.54 per cent, followed by banks and independent groups, both with 0.62 per cent.

However, banks maintain their majority market share position with 77.30 per cent, followed by independent groups and insurance companies with 7.75 per cent and 5.50 per cent, respectively.

Caixabank remains the leader in terms of assets under management, with €24,056m and a market share of 28.76 per cent, followed by BBVA, with €15,724m and a market share of 18.8 per cent, and Santander with 12.35 per cent.

In terms of profitability, among the main fund managers by assets under management, Cajamar Vida recorded the best performance, with an increase of 1.51 per cent, followed by Bansabadell Pensions and Mutuactivos Pensions, with 1.1 per cent and 1.08 per cent, respectively.

Among the independent fund managers, Dunas Capital Pensiones was the best performer in the month, with a weighted average return of 2.63 per cent, followed by Cobas Pensiones with 1.86 per cent and Abante Pensiones with 0.68 per cent.

By category, Spanish equities posted the best performance with 1.79 per cent, followed by Euro Long-Term Fixed Income (1.54 per cent) and Absolute Return (1.35 per cent). At the other end of the spectrum were the global international equity plans, with a negative return of 0.47 per cent.

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