Aggregated News From Investment Management Regulators

Quarterly Benchmarks on Asset Management – 3rd Quarter 2020

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  • Report (abridged)  | Tables (contents only available in Portuguese)

The value of assets under individual [1] and collective portfolio management in Portugal amounted to 75.723.9 million euros during the third quarter 2020 – an increase of 577.7 million than during the previous quarter and less 18,665.9 million than in the same period of 2019.

Individual Asset Management 

Assets under individual management dropped by 0.1% apropos June, standing at 48,356.3 million euros, and down by 27.5% over the same period of the previous year.

Listed securities and investment units accounted for 90.6% of the investment. The domestic shares segment decreased 1.8% apropos the previous quarter and down by 23.0% apropos the third quarter of 2019, totalling 460.5 million euros. Portfolios of shares issued by non-resident entities amounted to 864.5 million euros at end September – 0.9% less than in June and 46.4% less than in the same period of last year.

Investment in domestic public debt decreased 0.7% apropos the end of the third quarter down to 12,8768.0 million euros, while the amount invested in foreign public dropped 4.5% compared to the previous three months and fell 27.6% during the same period. Investment in bonds issued by domestic entities decreased by 0.4% in the quarter, down to 411.1 million euros, and those issued by non-resident entities decreased 0.5% down to 9,201.6 million euros.

Portugal kept as the main investment destination (28.2% of the total), with a quarterly drop of 0.7%, followed by Germany, decreasing by 2.8% in the quarter and Italy, dropping by 7.1%.

BMO Portugal led this market segment during the quarter, with 30.4%, corresponding to 14,693.9 million euros of assets under management, followed by Caixa Gestão de Ativos (20.2%) with 9,751.5 million and Santander Asset Management (11.8%) with 5,722.4 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 27,367.6 million euros in the third quarter (1.2% less than in the previous three months and 1.2% less than in the same period of 2019).

Investment in movable assets, which includes UCITS and AIFs, amounted to 13,229.9 million euros at the end of September, representing an increase of 5.8% compared to June and a 8.0% in relation to the same period of last year.

The value of UCITS portfolios rose by 6.2% over the previous three months up to 12,928.4 million euros. The AIFs fell 6.5% down to 301.6 million euros.

In UCITS, the value under management of equity funds increased by 5.4% and bond funds, 5.6%. Savings-retirement funds (SRFs) increased 5.3%. These categories of funds are among the highest in the overall portfolio value. The value of money market funds increased by 41.9% on a quarterly basis and the value under management of flexible funds rose by 6.0%.

The main destinations for investment in foreign securities were Germany (15.6% of the total amount invested), the USA (14.4%) and France (11.2%). Portugal registered 7.2%, with 17.0% of the value of the investments was made in shares, 40.3% in public debt and 39.6% in private debt.

Caixa Gestão de Ativos was the management entity with the largest market share in this segment (33.3%), followed by IM Gestão de Activos (20.4%) and BPI Gestão de Ativos (19.2%).

In real estate investment, made through REIFs and SREIFs, the amount under management registered 10,072.6 million euros, remaining virtually unchanged from the previous quarter. In real estate asset management funds (REAMFs), the amount under management decreased by 5.9% compared to June down to 345.5 million euros.

Interfundos had the highest market share in the quarter (13.2%), followed by Square Asset Management (11.4%) and Caixa Gestão de Ativos (9.3%).

Securitisation funds (SFs) generated 3,719.5 million euros at the end of September – 2.3% less than at the end of the previous quarter and 16.6% less than in the same period of 2019. Mortgage loans that accounted for 99.4% of the total investment weighting, continued to be the main asset in the portfolio and dropped 2.4% compared to the previous quarter and 16.5% apropos the same period of the previous year, down to 3,696.6 million euros.

Marketing of Foreign UCITS 

The value under management of foreign UCITS traded by entities registered at the CMVM amounted to 4,425.2 million euros in the third quarter, a 4.9% increase than in the previous three months and 1.1% less than in the same period of last year.

Abanca had the highest market share (28.1%), followed by Bankinter (15.7%) and Banco Comercial Português (12.5%).


[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.

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Regulator Information

Abbreviation: CMVM
Jurisdiction: Portugal

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