SPAIN - Assets under management (AUM) of pension funds falling under the individual system category increased by 6.9% in 2009 to €51.6bn (US$74.8bn) largely due to positive investment returns, data from research company VDOS Stochastics revealed.
Contributions to the plans totaled €513m, while the funds' investments returned €2.8bn.
In December, AUM grew by 2.3%. VDOS said: "December's increase was mainly due to €828m in contributions and only marginally to investment returns. AUM increased by €1.2bn in December."
Investment returns - weighted on average AUM - was 6.1% for the whole universe of plans, VDOS said in its research.
Equity funds were by far the best performing with returns of 26.5%, followed by mixed equity funds which gained 12.9%. Mixed fixed income funds posted a 6.3% increase and guaranteed equity funds 4.4%.
In terms of market share, VDOS said BBVA Pensiones held 16.6% of the Spanish market for the individual system category. Santander Pensiones was the second one in the ranking, holding 15.1% of the market, followed by Vida Caixa (14.98%), Cajamadrid Pensiones (5.5%) and Europensiones (5.3%).
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