Assets under management in Spain’s individual pension plan system rose by 1.03 per cent in January, increasing by €916m to reach €90bn at the end of the month, according to data from VDOS.

Independent groups recorded the strongest asset growth in percentage terms, rising by 1.46 per cent over the month, ahead of insurance companies (1.46 per cent) and banks (0.96 per cent).

Despite this, banks continued to dominate the market, accounting for 76.6 per cent of total assets, compared with 8.1 per cent for independent managers and 5.8 per cent for insurers.

By provider, CaixaBank remained the largest pension plan manager by assets under management, with €25.4bn and a market share of 28.2 per cent.

BBVA followed with €16.9bn (18.8 per cent), while Santander ranked third with €10.9bn and a 12.2 per cent share, excluding redemption rights linked to mathematical provisions.

By asset class, mixed plans posted the largest inflows, rising by €370m during the month, followed by equity plans, which gained €314m. Money market plans recorded the sharpest decline, falling by €14m.

Mixed plans remain the largest segment of the Spanish pension market, with assets of €40.6bn and a 45.1 per cent market share, ahead of equity plans with €19.6bn.

In terms of performance, Mapfre Vida Pensiones led the main managers in January with a return of 1.67 per cent, followed by Bankinter Seguros de Vida (1.51 per cent) and Bansabadell Pensions Pensions (1.48 per cent).

Among independent managers, Dunas Capital Pensiones posted the strongest monthly performance, delivering a weighted average return of 8.33 per cent, ahead of Cobas Pensiones (7.66 per cent) and Bestinver Pensiones (1.51 per cent).

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