The rise can be partly explained by the positive yield experienced by the pension plans portfolios as well as by net subscriptions in July amounting to €156m.
From that number, €150m were collected by Spanish banking entities followed by independent financial groups which received around €10m of net new money. Conversely, global asset management groups registered the sharpest redemptions, loosing €8m in the seventh month of the year.
Banco Sabadell topped the list as per net subscriptions with €49m of net inflows, followed by CaixaBank and BBVA, with €33m and €26m respectively. The insurance firm Allianz however, saw net redemptions of €23m.
As per assets under management, CaixaBank held a first position in July with €16.78bn managed in pension funds, followed by BBVA with €13.93bn.
With regards to asset classes, mixed pension plans ranked first as per net new money, receiving €259m in July and their assets under management stand now at around €43.91bn. Conversely, some €73m were redeemed from guaranteed plans.