The assets under management of Spanish pension schemes in the individual system decreased by 0.7 per cent in February to €75.5bn, according to VDOS.

This corresponds to an reduction in assets of €532m during the month.

VDOS stated that the fall was mainly driven by the negative performance of the pension portfolios, which decreased in value by €407m, to which €125m of net reimbursements must be subtracted.

Independent groups made net deposits of €5m and registered the greatest increase in wealth, with 0.75 per cent.

Banks maintained their majority market share position with 78.3 per cent, followed by independent groups (6.81 per cent) and insurers (5.24 per cent).

BBVA was the financial group with the highest net deposits (€40m), followed by Renta 4 (€7m) and Dunas Capital Spain (€6m).

Meanwhile, Caixabank remained the leader by assets managed with €22.4bn and a share of 29.7 per cent, while BBVA managed €14.1bn and had a share of 18.65 per cent.

By type of assets, fixed income plans saw he highest net deposits in February, with €39m, followed by variable income plans with €35m.

On the other hand, mixed plans saw the highest net payouts, at €162m.

Despite this, mixed plans maintained their dominance in the Spanish market, with assets of €49bn and a market share of 64.85 per cent, followed by variable income with €13.5bn.

In terms of profitability among the main managers, Liberbank Vida y Pensiones was top with 0.38 per cent, followed by Caser Pensiones with 0.32 per cent.

Among independent managers, Cobas Pensiones obtained the highest weighted average return, with 2.08 per cent, followed by Bestinver Pensiones with 1.28 per cent and GVC Gaesco Pensiones with 0.85 per cent.

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