The assets of Spanish individual plans and Voluntary Retirement Savings Providers (EPSVs) increased by 6.16 per cent in 2024, equivalent to €7,119m, according to VDOS.

It brings total assets under management and individual pension plans and EPSVs to €98,826m, as of 31 December 2024.

Banks maintain their dominant position with €76,572m managed and a market share of 77.48 per cent, followed by independent groups and cooperative credit societies with 6.52 per cent and 5.92 per cent, respectively.

Independent groups recorded the highest percentage increase in assets with 15.20 per cent, followed by international groups with 10.33 per cent.

Caixabank has the largest amount of assets under management, with €25,633m and a market share 25.94 per cent, followed by BBVA with €17,729m and Santander with €11,178m. Caixabank also experienced the highest increase in assets, with €1,676m, followed by BBVA and Renta 4 with €1,239m and €641m, respectively.

Broken down, assets under management of pension plans in the individual system increased by 7.97 per cent in 2024, €6,319m more, bringing the total under management to €85,586m at the end of December.

VDOS said the increase was driven by positive portfolio performance of €6,897m, although this was partially offset by net redemptions of €578m.

In terms of profitability, among the main fund managers, Occident Pensiones performed the best with 13.75 per cent, followed Caja Ingenieros Vida with 13.05 per cent and Vidacaixa with 11.61 per cent.

Among the independent fund managers, Cobas Pensiones recorded the best performance during the year, with a weighted average return of 22.41 per cent, followed by Merchbanc with 19.02 per cent and Abante Pensiones with 14.96 per cent.

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