The volume of assets in the individual pension scheme system in Spain increased by 4.72 per cent in the first half of 2024, according to VDOS.

This is an increase of €3,744m, bringing the total managed to €83,041m at the end of June. VDOS attributed the increase to a positive portfolio performance of €4,082m, although this was slightly offset by net redemptions of €338m.

Together with the inclusion of Voluntary Retirement Savings Providers (EPSVs) assets under management total €95,792m.

Banks maintain their dominant position with €74,337m managed and a market share of 77.6 per cent, followed by independent groups and cooperative credit societies with 6.55 per cent and 5.88 per cent respectively. Independent groups recorded the highest percentage increase in assets with 12.21 per cent, followed by international groups with 5.31 per cent.

Caixabank is the national entity with the largest assets under management, with €24,866m and a market share of 25.96 per cent, followed by BBVA with €17,218m and Santander with €10,898m. Among the main groups, Caixabank recorded the biggest increase in assets with €917m, followed by BBVA and Renta 4 with €728m and €610m, respectively.

In terms of profitability, among the main fund managers, Occident Pensiones stands out with 9.66 per cent, followed by Caja Ingenieros Vida (8.09 per cent) and Caser Pensiones (7.06 per cent).

Among the independent fund managers, Cobas Pensiones recorded the best performance in the first half of the year, with a weighted average return of 17.33 per cent, followed by Mercbanc with 9.65 per cent and Abante Pensiones with 9.60 per cent.

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