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Quarterly Benchmarks on Asset Management – 4th quarter 2021


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The value of assets under individual1 and collective portfolio management in Portugal amounted to 71,706.3 million euros during the fourth quarter of 2021 – an increase of 2,390.4 million than during the previous quarter and 6,259.0 million less than in the same period of 2020.

  • Individual Asset Management

Assets under individual management increased 2.3% apropos September, standing at 37, 623.43 million euros, and was down by 23% over the same period of the previous year.

Listed securities and investment units accounted for 90.2.1% of the investment. The domestic shares segment increased 4.64% apropos the previous quarter and fell 71.4% apropos the fourth quarter of 2020 down to 161.5 million euros. Portfolios of shares issued by non-resident entities amounted to 1,215.7 million euros at end December – 22.5% increase than in September and 25.0% more than in the same period of last year.

Investment in domestic public debt decreased 2.3% apropos the end of the third quarter down to 7,021.3 million euros, while the amount invested in foreign public increased 1.6% compared to the previous three months and fell 32.6% during the same period. Investment in bonds issued by domestic entities decreased by 15.0% in the quarter, down to 117.1 million euros, and those issued by non-resident entities decreased 1.6% down to 5,738.7 million euros.

Portugal kept as the main investment destination (19.4% of the total), with a quarterly drop of 2.4%, followed by Germany, decreasing by 2.0% in the quarter and Spain, increasing by 1.7%.

Caixa Gestão de Ativos led this market segment during the quarter, with 25.2%, corresponding to 9,476.2 million euros of assets under management, followed by Santander Asset Management (15.7%) with 5,900.2 million and Banco Comercial Português (14.3%) with 5,377.5 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 34,082.8 million euros in the fourth quarter (4.7% more than in the previous three months and 17.0% more than in the same period of 2020).

Investment in securities assets, which includes UCITS and AIFs, amounted to 19,859.3 million euros at the end of December, representing an increase of 8.0% compared to September and a 35.4% in relation to the same period of last year.

The value of UCITS portfolios was up by 8.2% over the previous three months registering 19,528.2 million euros. The AIFs rose 1.2% up to 331.1 million euros.

In UCITS, the value under management of equity funds increased by 20.9% and bond funds decreased by 3.2%. Savings-retirement funds (SRFs) increased 9.2%. These categories of funds are among the highest in the overall portfolio value. The value of money market funds decreased by 3.4% on a quarterly basis and the value under management of flexible funds rose by 8.8%.

The main destinations for investment in foreign securities were the United States of America (17.7% of the total amount invested), Germany (16.2%) and Luxembourg (12.0%). Portugal registered 4.0%, with 29.9% of the value of the investments being made in shares, 13.1% in public debt and 42.7% in private debt.

Caixa Gestão de Ativos was the management entity with the largest market share in this segment (35.0%), followed by IM Gestão de Activos (21.7%) and BPI Gestão de Ativos (17.1%).

In real estate investment, made through REIFs and SREIFs, the amount under management registered 10,559.2 million euros, increasing by 1.6% apropos the previous quarter. In real estate asset management funds (REAMFs), the amount under management decreased by 2.7% compared to September, down by 402.3 million euros.

Square Asset Management had the highest market share in the quarter (11.6%), followed by Interfundos (11.2%) and Caixa Gestão de Ativos (8.4%).

Securitisation funds (SFs) generated 3,262.1 million euros at the end of December – 2.7% less than at the end of the previous quarter and 10.2% less than in the same period of 2020. Mortgage loans that accounted for 99.1% of the total investment weighting, continued to be the main asset in the portfolio and dropped 2.9% compared to the previous quarter and 10.3% apropos the same period of the previous year, down to 3,233.7 million euros.

Note: For information validation reasons, the section on foreign UCITS was removed from the quarterly asset management benchmarks


[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.

This news item was originally published by the Portuguese Securities Market Commission (CMVM PT). For more information, please see the Source Link.

Regulator Information

Abbreviation: CMVM
Jurisdiction: Portugal

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