MAPFRE AM is in the Top 10 of fund managers by earnings in Spain
MAPFRE AM had a good year in 2021. The insurance group fund manager reported net earnings of 36 million euros in 2021, up 24% on the previous year, as per data from the National Securities Market Commission (CNMV), which is collated by specialist publication, Funds People. The positive progress of the business places MAPFRE AM in the Top 10 of most profitable fund managers.
According to Álvaro Anguita, CEO of MAFPRE AM, there are two fundamental factors underpinning this favorable advance. The first is the increase in the volume of assets managed in investment funds and pension funds, with more than 500 million euros in net inflows. The second is the market effect, given that the stock markets had a good year despite the volatility generated by the effects of the pandemic. This is reflected in the S&P 500 data, which posted a rise of 36% for the year; the Stoxx 600, which advanced 22%, and the Ibex 35, which ended 2021 almost 8% better.
In addition, José Luis Jiménez, MAPFRE's group chief investment officer, highlights three other factors that have contributed to attracting new participants: "Good management, the focus on social aspects and the concept of co-investment with clients". So much so, in fact, that within the variable income category, seven funds hit or topped 20% in annual returns. The best-performing product was MAPFRE AM’s Inclusión Responsible fund, an ESG fund that invests in companies that are committed to hiring people with disabilities, which rose by almost 27% in 2021. This was closely followed by two US-based products: the Fondmapfre Bolsa América fund and the MAPFRE AM US Forgotten Value fun, which is a product of the alliance with the US boutique, Boyar Value Group.
In total, according to Funds People, Spanish fund managers closed last year with earnings of 873.9 million euros (data referring to funds and Sicavs are included). This figure not only implies an increase of 34% compared to 2020 but also represents a new record high, since it exceeds the 808 million obtained in 2018, one of the banner years for the industry. In addition, unlike previous years, this time earnings are more evenly distributed, since the Top 10 for earnings accounted for 54% of the total, compared to 70% in more turbulent years such as 2020.
MAPFRE AM, which was created in 1989, manages nearly 40 billion euros across more than 25 countries. Currently, as Anguita recently indicated in an interview published on mapfre.com, the fund manager is in a process of internationalization, mainly in Latin America, where the first transaction was recently completed, and in Portugal. In addition, MAPFRE AM has focused on attracting the attention of institutional investors for the first time.