The managers of CaixaBank and Santander achieved exceed 5,000 million euros in net deposits in investment funds in the last year, according to data recorded by the consulting firm Vdos. The first reached, specifically, 6,862 million, while the second added 5,818 million, in a year in which the funds as a whole obtained 25,600 million net inflows of money, just over half of the equity difference they ended up with. 2024 compared to the previous year, and they are already approaching 400,000 million euros of assets.
In the case of CaixaBank, most of the net flows are due to the success in the placement of its monetary fund, CaixaBank Monetary Yieldthat It is already close to 20,000 million euros of assets under management, of which 9,691 million were raised last year.
This volume represents the majority of the money inflows achieved by the manager of the Catalan entity in 2024, a year where its short-term fixed income funds totaled 3,669 million, according to Inverco. And it makes it the most marketed Spanish fund, with a difference of almost 7,000 million compared to the second best-seller, CaixaBank Master Short Term Fixed Incomewhich achieved 2,791 million, according to Vdos data.
With these close to 7,000 million, CaixaBank once again leads the ranking of the Spanish management companies with the most net depositswith a figure that quintuples the net inflows obtained in 2023, after the previous year achieved almost 5,000 million. Santander, for its part, maintains its growth trend, which coincides with the arrival of Nicolás Barquero as CEO of the manager, since last year’s net deposits exceed those achieved in 2023 by almost 2,000 million.
Bankinter, Ibercaja and Kutxabank are the other managers of large financial entities that are at the top of money inflows into their investment funds in 2024, with 2,245 million, 2,022 million and 1,691 million euros, respectively, at a time when attracting clients for collective investment products has become an priority for signaturesgiven the greater loyalty they achieve and, in addition, the greater income, from commissions, they obtain.
The rise of discretionary portfolio management, which is already responsible, along with advice, for the distribution of three out of every four euros invested in investment funds, has facilitated this transformation of savers into investors. But also the increase in interest rates that central banks undertook since mid-2023 to contain inflation, with the consequent rise in the yield of government bonds, has helped ensure that during this time not only traditional monetary products have been marketed. , which regained their attractiveness, but also funds with short-term maturity dates, many with Spanish and Italian debt in their portfolio above all.
In fact, vehicles like Santander Objective 9M June 2025 is among the best sellers last year, with 1,956 million captured, just like CaixaBank Public Debt 2027which totaled 1,287 million in money inflows.
In the case of Bankinter, its best-selling fund was Bankinter Premium Fixed Incomea product that is halfway between a monetary and a short-term fixed income, which managed to attract 2,230 million euros. And on behalf of Kutxabank, its fund Monetary Savings managed to attract 1,321 million euros.
Conservative products
Although the gradual process of lowering interest rates by central banks suggested that the most conservative funds were losing their shine, the forecasts that they will be more contained in the reductions, as has already happened in the United States, maintains the commercial hook for the marketing of the most conservative funds, which already total 144,754 million euros of asset volume in the case of fixed income funds, 23% more than in 2023, and 22,645 million in the case of monetary funds, an exuberant 116% more, according to data provided by Inverco.
Last year alone, debt funds raised 22,059 million euros, while monetary funds experienced 11,600 million net inflows of money, figures that place them at the head of the categories with the highest flows.
This conservative tone contrasts with the refunds suffered by the Spanish stock market categorywith exits worth 755 million euros, despite the 11% average profitability that this set of funds obtained in 2024, with vehicles such as Okavango Deltamanaged by José Ramón Iturriaga in Abante, exceeding 21% revaluation, the best figure among the active Spanish variable income funds present in the League of elEconomista.es. But for an investor with a defensive profile, scoring an average of 3.15% in funds with a profitability objective, 3.24% in monetary funds or 3.54% in fixed income funds is a very satisfactory figure. by not having to assume practically any risk in their portfolios.
Growth trend
With these deposit data, the collective investment industry in Spain is heading towards easily exceed 400,000 million euros of assetsthanks precisely to the ease of continuing to market the most conservative funds.
In fact, managers are already launching renewed versions of their products with a maturity date but incorporating investment grade credit assets, the highest quality in the fixed income spectrum, and which allow them to outperform government bonds. As long as the interest rate cuts by central banks do not slow down too much and they maintain their attractiveness for a little longer.
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