Value of discretionary mandate assets per countries in Europe 2018

* Figure for Belgium includes unit linked insurance products and pension funds.

** Spanish data for discretionary mandates is estimated by INVERCO based on a subset of 13 asset management companies.
The source provides the following information: "Discretionary mandates give the asset management company the sole authority to buy and sell assets and execute transactions on behalf of the client, which can be a pension fund, insurance company or other institutional client such as non-financial companies, banks, government, local authorities, endowments and others. The investment strategy of the portfolio is agreed with the client, including the risk profile and asset allocation. The asset manager then manages the account within the mandate set out by the client."