The most conservative funds have managed to add nearly 700,000 participants in recent years, thanks to the returns of around 3% that they have been able to provide as a hook. The rise in interest rates starting in the summer of 2022 automatically favored the quintessential risk-free asset, after decades of low minimums, and bank managers saw the opportunity to launch ultra-defensive products, based on investing in debt securities. Spanish or Italian public, above all, and with a maturity date of two years, normally.
In this way, the so-called funds with a profitability objective flooded the commercial showcase of the banks and although said return was not guaranteed, since it was short-term sovereign debt, it was quite reliable for savers, at a time when deposits were not They were of commercial interest to the entities, except for high-net-worth clients or digital entities or smaller banks.
This way, Funds of this type already have 560,391 participantswith Inverco data from October, 270 times more than the number they had just four years ago.
Apart from these funds, monetary funds also reappeared strongly and have gone from having 82,609 participants at the end of 2021 to the 384,039 they have now, although in this case it is mainly due to the strong commercial momentum developed by CaixaBank since last year. year in which it attracted 4,524 million euros into its fund CaixaBank Monetary Performanceto which must be added another 8,346 million raised this year until October.
With data provided by almost all the large financial institution managers, the figure of 678,558 new participants appears, which approximately coincides with the annual difference of savers in the most conservative categories since 2022.
It must be taken into account that several of these managers do not list the number of new participants actually gained, so they may be clients who already had another fund or a portfolio management contract. But since these are the most defensive products, it is acceptable to consider that The vast majority are new participants who, not finding another alternative such as depositshave agreed to enter the world of investment in the most conservative way possible.
In fact, the challenge that banks now face is how to retain this type of customer, since many of these return target funds are approaching their maturity date and the change in interest rate trends has changed to lowers it.
The managers are betting on convincing them with the same type of product but changing the underlying to private fixed incomewith investment grade European credit assets and extending the duration of the portfolio somewhat further, to try to achieve a return similar to what they provided until the central banks began the process of lowering rates.
Of the nearly 700,000 new fund participants that have entered through conservative products, Ibercaja is the one with the largest number, attracting 284,730 savers, which has allowed it to quadruple the volume of its funds with a profitability objective in three years. up to 12,714 million euros, with data up to the third quarter.
CaixaBank and Santander are other entities that have gained the most clients. The first points out the figure of 339,801 participants who have been invested in this type of funds since 2022, of which 139,100 are new clients, that is, they had nothing invested in funds before.
The Santander figure was offered by the CEO of the manager in Spain, Nicolás Barquero, during his participation in an event for investment firms, where he assured that around 100,000 clients had entered as new participants in these funds with a very conservative profile.
Kutxabank points out that it has incorporated 80,000 new participants, of which 50,000 have done so through funds with a profitability objective and 10,000 through monetary funds, while in the case of Sabadell the figure is 74,728 people, although in this case it includes those of guaranteed funds.
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