BBVA Asset Management has announced it is set to launch a venture capital fund of funds during the first quarter of the year as part of the group's 2024 strategic plan, Spanish daily Expansión first reported.
In this line, the company also envisages the possibility of expanding its funds range on the alternative space broadly by launching new range of funds investing in private equity, private debt, infrastructure, and real estate assets.
In addition to growing the firm's alternative offering, the company's strategic plan will also be focused on the boost of the discretionary portfolios, the development of financial advisory functions and the promotion of sustainable strategies.
With regards to sustainability actions, BBVA AM has expressed its aim to integrate ESG criteria on the management of its entire range of investment vehicles. So far, the Spanish group has a sustainable funds suite made up by two investment funds and a pension plan.
As per the firm's focus on the enhancement of its advisory services, the company said it will further develop its "BBVA Invest" digital tool, through which 74% of the bank's funds subscriptions were made in 2019.