Retain the most conservative investors who have entered the world of investment funds in recent yearstaking advantage of the rise in interest rates and, therefore, the opportunity to enter maturity products, those that had Spanish or Italian public debt as underlying, with attractive returns. This is the challenge that Spanish managers face for next year, as announced by the heads of the main Spanish managers during their speech at Madrid Investor Networking Day (MIND), organized by Épika.
An exercise, that of 2025, in which will occur maturity of more than 25,000 million euros in this type of vehiclesrecalled Ana Martín de Santa Olalla, general director of CaixaBank AM, to which will also be added the timely arrival of numerous Treasury bills, which caused long queues at the Bank of Spain to purchase them.
“The great challenge is to transform savers into investors,” stressed Nicolás Barquero, CEO of Santander AM Spain, who pointed out that in the case of the Cantabrian entity it implies accompany in this process around 100,000 clients who have entered as new participants in these years in these funds with a very conservative profile. “And the easiest way to do it is through discretionary management portfolios,” he stressed, because “either they assume more risk or it will be difficult to gain profitability,” taking into account, as he recalled, that only 19% of the investment in funds is in variable income assets.
For Martín de Santa Olalla, portfolio management is the most efficient way to “accompany” clients in this transformation process, at a time when it will be necessary to add more risk “in a diversified manner” to gain profitability in a context of decline. of interest rates.
The head of CaixaBank’s management company explained that the entity already has a third of its investors in discretionary management portfolios, a trend that will continue. “Clients are increasingly shifting to discretionary management and delegating investment decisions to advisors,” he noted. An advisory process that the Catalan entity is promoting with the launch of the Advisory GPS service.
Jaime Lázaro, head of Asset Management & Global Wealth at BBVA AM, highlighted that it is It is necessary to respect the risk profiles of investors and provide close advicediversifying the portfolios very well. In his opinion, the supposed conservatism of the Spanish investor is not higher than that of other countries and he gave the example of the bank’s Latin American clients, who in a context of higher interest rates have not needed to look for riskier assets such as high yield, although they are more exposed to equities.
Financial planning
For Lázaro it is essential to introduce the concept of investment goals in clients financial planning in a context in which there are no signs of risk for the growth cycle to be interrupted, as long as the portfolios are well diversified globally to take advantage of capital gains.
Regarding the emergence of artificial intelligence, the heads of the Spanish management companies highlighted the revolution that it will mean in a sector such as asset management, in which personalized solutions can be adopted for each investor, considering aspects such as data protection. or cybersecurity. “It will be a useful tool for the advisor, but not to replace him,” said Nicolás Barquero. And it will allow “reaching more clients to help them invest without them thinking that it is a topic reserved for those who know or the richest,” concluded Jaime Lázaro, for whom it will mean offering a higher quality service but not to the detriment of the advisor. human.
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