The assets under management of pension schemes in the individual pension system in Spain increased by 2.47 per cent in Q1 2023, data from VDOS has shown.

Assets rose by €1.83bn during the quarter to €75.8bn at the end of March.

The increase in schemes’ funding was driven by the positive performance of assets in their portfolios, although this was offset slightly by payouts of €577m.

By types of entity, banks registered the highest net deposits with €46m, while independent groups made net deposits of €12m.

However, independent groups registered the greatest increase in assets, at 6.35 per cent, followed by banks with 4.37 per cent international groups with 3.87 per cent.

Banks maintained their majority market share position with 78.33 per cent, followed by independent groups (6.77 per cent) and insurers (5.24 per cent).

Caja Rural was the entity with the highest net deposits (€46m), followed by Dunas Capital Spain (€21m) and Renta 4 (€20m).

Meanwhile, Caixabank remained the leader by assets managed with €22.4bn and a share of 29.54 per cent, while BBVA managed €14.2bn and had a share of 18.75 per cent.

By type of asset, variable income plans obtain the highest net deposits with €75m, while mixed plans had the greatest net payouts, with €581m.

Mixed plans maintained their domination of the Spanish market, with €49.1bn and a market share of 65.37 per cent, followed by variable income with €13.7bn.

In terms of profitability among the main managers, Caser Pensiones was top with 5.54 per cent, followed by GCO Gestora de Pensiones (4.58 per cent) and Santalucia (4.21 per cent).

Among the independent managers, Bestinver Pensiones has registered the best weighted average return of 9.21 per cent, followed by Renta 4 Pensions with 5.87 per cent and Cobas Pensiones with 5.19 per cent.

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