The asset management industry — product vision — and the wealth management industry — client vision — are undergoing a phase of strong sustained growth. The main participants in the industry have placed it at the centre of their strategies in a context of high and heterogeneous competition and profound transformation.
In this context, informational attention is particularly focused on subscription volumes and the rankings that measure the ability to attract savings and investment. These are relevant indicators that reflect client confidence, but on their own, they do not explain the reasons that underpin lasting leadership.
In the first half of the year, Kutxabank has led the rankings for net subscriptions in national funds. A particularly significant result considering the competition from larger financial groups. Beyond the short-term performance, our trajectory shows a more relevant reality: consolidation in leading positions over a decade that has led us to currently manage more than 48 billion euros of off-balance-sheet assets; mostly through investment funds.
The value of these results does not only lie in the volumes achieved, but in the ability to sustain them over time
The value of these results does not reside solely in the volumes achieved, but in the ability to sustain them over time, supported by a model that makes it possible to maintain leadership dynamics. And it is sustainable to double market share, continuously during times when the markets have supported, but also in complex scenarios, marked by disruptive episodes such as the pandemic, geopolitical tensions, or periods of high inflation.
It is worth remembering that net subscriptions are the result of inflows and outflows of assets, so to grow, it is not only necessary to attract new resources but, above all, to maintain client trust. Accompanying them in all their vital decisions and understanding the service they demand, as opposed to approaches leveraged on tactical opportunities or an attractive product.
Based on this model, we have accompanied — and continue to do so — our clients in the transition from a savings culture to an investment culture, focusing on planning, diversification, personalisation, and long-term time horizons. The results of this approach are tangible. Today, 60% of the aggregated balances of our clients are managed through a high-value-added service, such as Discretionary Portfolio Management (DPM).
This approach may seem less attractive than those strategies that place a novel product or market positioning at the centre of the commercial proposal. However, we bet on it as a model to generate value sustainably. In fact, empirical evidence and studies on investor behaviour agree in pointing out that the main determinants of a portfolio's success are the appropriate asset allocation — the distribution among main assets, fixed income, equities, real assets… — and investment discipline. Not the occasional success or opportunistic search.
Short-term anticipatory decisions conditioned by behavioural biases — such as selling in panic, buying in moments of euphoria, staying out of the market, waiting for the best moment, or betting on the fashionable stock —, on the contrary, considerably increase the probabilities of systematic destruction of profitability.
Our value proposition is precisely aimed at the response that mitigates these risks, because it professionalises investment decision-making and disciplines portfolio construction.
We provide a model based on financial planning and personalised support. With over 450 specialised wealth managers and extensive territorial coverage: 25 provinces
This approach is complemented by a comprehensive proposal for wealth management centred on the client. Through our specialised banking services — Fineco Private Banking Kutxabank, Premium Banking, and Personal Banking — we provide a model based on financial planning and personalised support. With more than 450 specialised wealth managers and a wide territorial reach — 25 provinces — that makes hyper-proximity and deep knowledge of each of our clients' profiles possible.
Spain has one of the most ageing demographic structures in the world, which places concepts like financial planning and active longevity at the centre of decision-making. At the same time, the emergence of new fintech platforms is facilitating access to investment for younger generations, expanding the reach and diversity of the industry.
All this shapes a scenario of great opportunities, but also significant challenges — in which regulatory, technological, geopolitical, and demographic factors converge — that are redefining the sector and forcing all its participants to rethink strategies and models.