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BPI Gestão de Activos - SGFIM S.A.

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products

Please specify

          Discrecionary Management of Unit Linked Products that follow the same strategy as some of our Mutual Funds
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

BPI Gestão de Activos (BPI GA), founded in 1990, is responsible for the investment management of Banco BPI’s clients, through mutual funds, retirement funds, discretionary management and life insurance unit-linked products, with around 6.5€ Bn of assets under management. In Portugal, the Group's commercial bank BPI serves more than 1.7 million Customers - Individuals, Companies and Institutions - through its multi-channel distribution network comprising 494 retail branches, 39 Investment Centres, a network of 26 thousand commercial partners, structures dedicated to the Corporate (44 centres) and Institutional Customers (6 centres), telephone banking (BPI Directo) and a home banking service (BPI Net).

As an Asset Management company, besides the investment solutions provided to individual and institutional clients, BPI GA is focused on managing niche products with a fundamental analysis and a bottom-up approach. We believe we can add value to investors by having a focused and well-defined investment fundamental process and risk parameters.

On the 13th of April 2018, Banco BPI that owned 100% of BPI Gestão de Activos, sold the company to CaixaBank Asset Management, the group entity responsible for the management of discretionary portfolios and mutual funds.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.


02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

50 FTE

02.4. Additional information. [Optional]

BPI Gestão de Activos usually has very low turnover (around 5% or lower). The Company maintains a very stable structure and the core strategies’ teams have been completely stable in the recent years, with no change in the Portfolio or Co-Portfolio Managers.

To ensure an alignment of interests between the firm, the fund manager and investors, some funds have a high-water-mark performance fee. Moreover, BPI Gestão de Activos also has a remuneration policy to align performance, risk and retribution.

BPI GA has approved policies and practices in line with ESMA’s “Guidelines on Sound Remuneration Policies under the UCITS directive” (, under which PMs, executives and other identified staff are subject to payment and benefits deferrals, retention, vesting and adjustment measures (malus or clawback), besides having part of their variable remuneration paid in funds managed by the company.

BPI Gestão de Activos is closely articulated with Caixabank Asset Management, its sole shareholder, and Caixabank Group, which provide a number of formal and informal support activities.

CaixaBank's staff is the cornerstone of its business and its main asset. Having motivated, prepared and engaged workers are crucial to provide good customer service, achieve success in business strategy and contribute to the region's socio-economic development.

Employee satisfaction is the key to achieving a good working atmosphere and motivated and committed teams. CaixaBank has a broad set of work advantages and benefits that result in better well-being of the people that work for the bank.

CaixaBank’s fundamental asset is its work-force, which is why it is essential to guarantee their safety and maintain their health, regardless of where they work.

A Health and Safety Committee has the mission of providing secure and healthy working surroundings and of carrying out tasks of vigilance and improvement of Health and Safety, concretized in the establishment of a General System of Prevention of Risks at Work.

This system is periodically reviewed through various kinds of inspection:

  • External compulsory inspection: in line with the legislation in force, or should it be required by the labour authorities.
  • Voluntary control and monitoring inspection, occurring yearly.
  • OHSAS 18001 Inspection, an international specification that certifies the excellence of its preventive system.

Every employee receives training and information on health and safety at work and on possible emergency situations. In addition, in preparation for these possible incidents, the persons who would be in charge are designated.

The Health Vigilance Protocol specifies regular medical examinations. It also provides preventive information on several illnesses, such as hypertension, which can be consulted on the corporate intranet.

The full extent of CaixaBank’s HR vision can be found in

BPI Gestão de Activos has to deal with operational clients, regulators, legislators and other public interest entities. As part of Caixabank group, the company interacts with the people and groups in the regions where it carries out its activities, adhering to the criteria of proximity, transparency and active listening.

Stakeholder expectations are actively collected: customers and company, analysts and investors and employees. The company promotes and participates in different national and international initiatives linked to boosting corporate accountability. Via its participation, it promotes research, the exchange of best practices in the matter, the adoption of commitments by other agents and the constant progress made in the entity's responsible management.

The bank has developed specific platforms and channels for different stakeholders that manage various areas and departments with the most appropriate frequency as necessary.

Caixabank’s perspective on stakeholder relationship can be deepened at

BPI GA also outsources some of its non-essential functions to non-Group providers and suppliers. CaixaBank considers it essential to integrate ethical, social and environmental factors to its entire value chain. Consequently, it also considers that its corporate responsibility includes having suppliers and collaborators who share its commitment to sustainable and environmentally responsible development.

All newly celebrated supplier contracts include a mandatory clause in which suppliers commit to respecting the 10 principles of the United Nations Global Compact.

CaixaBank Group has a portal specifically for suppliers where companies or entrepreneurs can register to offer their services. To be considered, they must agree to comply with a series of ethical, social and environmental standards.

The Group has written Procurement Principles



OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Despite not having any subsidiay, BPI Gestão de Activos is itself a subsidiary of Caixabank Asset Management, a PRI signatory of its own right.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.


04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

04.5. Additional information. [Optional]

  • BPI Gestão de Activos is registered with CMVM – Comissão do Mercado de Valores Mobiliários, with registered number 185:
  • According to 2019 Annual Report, BPI Gestão de Activos had 6,481 Million euros of Assets Under Management. 
  • BPI Gestão de Activos has been through an AIMR-GIPS certification process.
  • BPI Gestão de Activos has not been through any Credit Rating or similar process. However, please note that Caixabank has the following ratings: Moody’s: Baa1; S&P: BBB+; Fitch: BBB+; DRBS: A
  • #2 Mutual Fund Management Company in Portugal with ~20% market share (
  • #5 Real Estate Fund Management Company in Portugal / #2 in Epen Ended Real Estate Mutual Funds (

BPI GA's main differentiating factors:

  • Experienced Investment Management team: highly experienced and dedicated team analyzing its investments. Local and continuous presence in the Iberian market, which, aligned with the geographical proximity, boosts the deep knowledge of the companies and macroeconomic context.
  • Major player (with over 50% market share) in the Portuguese retirement and multi-asset products markets
  • Access to companies and brokers: Regular meetings and fluent contacts.
  • Experienced research capabilities: Detailed analysis of the environment, specificities and value chain.
  • Management of market risk: In a low-interest-rate environment with high levels of volatility, BPI Gestão de Activos’ team offers attractive alternatives for investors who look for real returns within a risk-controlled framework.
  • Liquidity management: Daily monitoring to ensure that a significant part of each portfolio can be quickly converted into cash.
  • Consistent and stable returns: Niche products employ an active, bottom-up, fundamental, disciplined approach, that has been yielding a stable track record.


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)


Listed equity 10-50% 20 0 0
Fixed income >50% 60 0 0
Private equity 0 0 0 0
Property <10% 8 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 10-50% 10 0 0
Money market instruments <10% 2 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

BPI Gestão de Activos offers a wide range of products from asset allocation to single asset class funds and third party fund selection to discretionary management of high net worth individuals accounts.

The main asset class present in BPI GA funds is Fixed Income which plays a pivotal role in the composition of the total AUM.

Listed Equities and Real Estate are also important with BPI GA having a dedicated open-ended Real Estate fund investment fund, BPI Imofomento.

OO 07. Fixed income AUM breakdown (Private)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

95 Developed Markets
5 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

Although BPI Gestão de Activos has dedicated Emerging Markets teams and funds (BPI Brasil and BPI Africa), the overall weight of the Retail and Iberian Market strategies cause a small relative weight of Emerging Markets investments in overall assets under management.