Assets under management (AUM) in Spain’s individual pension plan system increased by €846m in February, a 0.94 per cent increase from January, bringing total assets to €90.9bn, according to VDOS.

Independent managers recorded the strongest growth in percentage terms, with assets rising 1.73 per cent, ahead of insurers (1.25 per cent) and international groups (0.9 per cent).

Banks continued to dominate the market, accounting for 76.57 per cent of total assets. Independent groups and insurers held 8.17 per cent and 5.77 per cent market share, respectively.

By provider, CaixaBank remained the largest manager with €25.6bn in AUM and a 28.2 per cent market share. BBVA followed with €17bn (18.76 per cent), while Santander held €11bn, representing 12.1 per cent of the market.

Mixed asset funds led asset growth by category, increasing by €335m, followed by lifecycle funds (€297m).

In contrast, money market plans saw the largest outflows, declining by €12m. Mixed funds remain the dominant category, with €41.5bn in assets and a 45.7 per cent market share, followed by equity funds (€19.8bn).

In terms of performance, Caser Pensiones was the top performer among the major managers with a return of 2.24 per cent, followed by Bansabadell Pensions (1.5 per cent) and Abanca Vida y Pensiones (1.46 per cent).

Among independent managers, Dunas Capital Pensiones posted the highest return at 7.16 per cent, narrowly ahead of Cobas Pensiones (7.03 per cent), while Bestinver Pensiones delivered 2.32 per cent.

By VDOS categories, emerging Asia equity funds led returns with 6.53 per cent, followed by eurozone equities (3.33 per cent) and European equities (2.85 per cent).

However, US equity funds underperformed, posting a 0.49 per cent loss, while short-term international fixed income returned 0.11 per cent.

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