The assets under management of pension schemes in the individual pension system in Spain increased by 1.18 per cent in July 2023, data from VDOS has shown.

Assets rose by €905m during the month, from around €76.8bn to approximately €77.7bn.

VDOS noted that the growth was driven by an increase in portfolio assets of €938m, although this was partly offset by net payouts of €33m.

By types of entity, banks registered the highest net deposits with €32m.

In percentage terms, independent groups registered the greatest increase in assets with 2.24 per cent, followed by international groups (1.66 per cent) and banks (1.64 per cent).

Banks maintained their majority market share position with 78.25 per cent, followed by independent groups (6.99 per cent) and insurers (5.36 per cent).

Caja Rural was the entity with the highest net deposits (€31m), followed by Renta 4 (€11m) and Bankinter (€8m).

Meanwhile, Caixabank remained the leader by assets managed with €22.9bn and a share of 29.49 per cent, while BBVA managed €14.6bn and had a share of 18.75 per cent.

By type of asset, guaranteed plans obtained the highest net deposits with €27m, followed by equities with €19m, while mixed plans had the greatest net payouts, with €67m.

Mixed plans maintained their domination of the Spanish market, with €49.9bn and a market share of 64.17 per cent, followed by variable income with €14.8bn.

In terms of profitability among the main managers, Caser Pensiones was top with 2.21 per cent, followed by Saint Lucia (1.63 per cent) and Bankinter Seguros de Vida (1.51 per cent).

Among the independent managers, Cobas Pensiones registered the best weighted average return of 7.21 per cent, followed by Bestinver Pensions with 4.78 per cent and Merchbanc with 2.79 per cent.

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