Openbank achieves record investment in 2020, doubling its assets under management in its roboadvisor
Openbank, Santander Group's fully digital bank, ended a record 2020 for its "Openbank Wealth" investment platform. The institution achieved annual growth of 17% for its assets under management in the investment products and services it offers its customers.
20 January 2021
The automated investment service (roboadvisor), through which any customer can invest with the help of the Openbank Investment Committee (assessed by BlackRock and Santander Asset Management), has recorded a year-on-year increase of 112% in its assets under management. This comes after achieving positive net entries every month in 2020 except March, the epicentre of the crisis caused by COVID-19.
Over the past year, the roboadvisor investment service's five strategies, built around portfolios of indexed and actively managed investment funds based on up to 23 different types of assets, managed to overcome a highly volatile market context and close the year up. Cumulative profit amounts to 1.18% and 3.98% in 2020 (6.3% and 15.7% since they went under management).
In the different market phases last year, Openbank kept customers constantly updated on its investment strategy, explaining its market outlook and analysing different episodes in a market overshadowed by volatility. In the first half of the year alone, 25 market updates were sent and several live webinars took place.
As regards investment funds, where Openbank has a catalogue of more than 2,000 funds with more than 100 management companies, record net entries were registered, amounting to 260% more than the previous year.
Pension plans, where Openbank customers have more than 35 plans with five different management companies, also saw an increase of 55% of net funds, in comparison with 2019.
Over 2020, the Openbank broker, through which the institution's customers can invest in more than 4,000 stocks in 25 different markets, 1,000 ETFs and all of the warrants in the Spanish market, also recorded a strong increase in customers' investment activity. Over the year, the number of buy and sell orders doubled in comparison with 2019 with an especially significant surge during the months of the Spanish lockdown. Appetite for investment was clear in these transactions, with 62% of all transactions being orders to buy.
Openbank customers have access to one of the most modern and comprehensive investment platforms on the market. They can access it via the Openbank website and the mobile app, and they also have a team of investment specialists available at all times to clarify their doubts.