Asset management - 4th quarter 2019

Quarterly benchmarks on asset management

4th​ Quarter 2019

The value of assets under individual [1] and collective portfolio management in Portugal amounted to 89,879.1 million euros during the fourth quarter 2019 – a decrease of 4,510.8 million than during the previous quarter and less 1,379.4 million than in the same period of 2018.  

  • Individual Asset Management 
Assets under individual management fell 6.5% apropos September, standing at 62,353.3 million euros, down 2.8% over the same period of the previous year.  ​​
Listed securities and investment units accounted for 88.0% of the investment. The domestic shares segment fell 1.6% apropos the previous quarter​​, increasing by 3.8% in comparison to the 4th quarter of 2018, totalling 588​​.2 million euros. Portfolios of shares issued by non-resident entities amounted to 1,602.4 million euros at end December – 0.7% less than in September and 11.8% less than in the same period of last year.
Investment in domestic public debt decreased 7.0% compared to the end of the third quarter down to 16,054.1 million euros, while the amount invested in foreign public debt fell 7.6% compared to the previous three months, increasing by 7.3% during the same period.
Investment in bonds issued by domestic entities dropped by 53.5% in the quarter down to 558.7 million euros, and those issued by non-resident entities decreased 2.7% down to 12,858.5 million euros.
Portugal kept as the main investment destination (27.6% of the total), with a quarterly drop of 9.8%, followed by Italy, increasing by 8.0% in the quarter and Germany, falling by 6.1%.
Caixa Gestão de Ativos led this market segment during the quarter, with 35.3%, corresponding to 21,993.2 million euros of assets under management, followed by BMO Portugal (24.6%) with 15,353.5 million and GNB (9.9%) with 6,194.4 million. 

  • Collective Portfolio Management
The value managed by collective investment undertakings in transferable securities (UCITS), alternative investment funds (AIFs), real estate investment funds (REIFs), special real estate investment funds (SREIFs), real estate asset management funds (REAMFs) and credit securitisation funds (CSFs) amounted to 27,525.6 million euros in the fourth quarter (0.6% less than in the previous three months and 1.5% more than in the same period of 2018).
Investment in movable assets, which includes UCITS and AIFs, amounted to € 12,997.8 million at the end of December, representing an increase of 6.1% compared to Semptember and a 15.8% rise in relation to the same period of last year.
The value of UCITS portfolios increased by 6.5% over the previous three months up to 12,643.6 million euros. The AIFs fell 5.6% down to 354.2 million euros.
In UCITS, the value under management of equity funds rose 8.2%, bond funds decreased 0.7% and savings-retirement funds (SRFs) increased 9.0%. These categories of funds are among the highest in the overall portfolio value. The value of money market funds rose by 17.5% on a quarterly basis and the value under management of flexible funds increased by 2.1%.
The main destinations for investment in foreign securities were Germany (16.3% of the total amount invested), USA (13.1%) and the Luxembourg (12.0%). Portugal registered 7.0%, with 28.6% of the value of the investments was made in shares, 43.9% in public debt and 24.7% in private debt.
Caixagest was the management entity with the largest market share in this segment (33.7%), followed by BPI Gestão de Activos (20.0%) and IM Gestão de Ativos (18.4%).
In real estate investment, made through REIFs and SREIFs, the amount under management registered 10,121.1 million euros, 4.2% less than in the previous quarter. In real estate asset management funds (REAMFs), the amount under management decreased by 0.5% compared to September down to 389.5 million euros.
Interfundos had the highest market share in the quarter (12.9%), followed by Square Asset Management (11.3%) and Norfin (7.5%).​
Credit securitisation funds (CSFs) generated 4,017.2 million euros at the end of December – 10.3% less than at the end of the previous quarter and 23.8% less than in the same period of 2018. Mortgage loans that accounted for 99.0% of the total investment weighting, continued to be the main asset in the portfolio and dropped 10.1% compared to the previous quarter and 23.5% apropos the same period of the previous year, down to 3,977.1 million euros.

  • Marketing of Foreign UCITS 
The value under management of foreign UCITS traded by entities registered at the CMVM amounted to 4,605.8 million euros in the fourth quarter, 5.2% more than in the previous three months and 15.2% more than in the same period of last year.
Abanca had the highest market share (33.2%), followed by Bankinter (15.2%) and Best (10.8%).


[1]​ Individual asset management is the set of values that ​belong to a holder considered individually. It is also referred to as asset management or portfolio management on behalf of a third-party.