The assets under management of Spanish pension schemes in the individual system increased by 2.75 per cent in January to €76bn, according to VDOS.

This corresponds to an increase in assets of €2bn during the month.

VDOS stated that the rise was mainly driven by the positive performance of the pension portfolios, which increased in value by €2.2bn, to which €181m of net reimbursements must be subtracted.

By types of entity, banks registered the highest net deposits at €48m, while independent groups made net deposits of €7m.

However, independent groups registered the greatest increase in assets, at 5.72 per cent, followed by international groups with 3.61 per cent.

Banks maintained their majority market share position with 78.46 per cent, followed by independent groups (6.71 per cent) and insurers (5.22 per cent).

Caja Rural was the entity with the highest net deposits (€48m), followed by Renta 4 (€16m) and Dunas Capital Spain (€9m).

Meanwhile, Caixabank remained the leader by assets managed with €22.7bn and a share of 29.87 per cent, while BBVA managed €14.2bn and had a share of 18.63 per cent.

By type of asset, guaranteed schemes had the highest net deposits with €28m, followed by variable income schemes with €18m.

On main managers’ profitability, Caser Pensiones came out on top with 5.51 per cent, followed by Bankinter Seguros de Vida (3.66 per cent) and Kutxabank Pensiones (3.46 per cent).

Among independent managers, Bestinver registered the highest weighted average return with 8.8 per cent, while Cobas Pensiones returned 8.34 per cent and Merchbanc returned 6.61 per cent.

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