IM Gestão de Ativos

What IM Gestão de Ativos does

IM Gestão de Ativos (IMGA) is a Portuguese asset management company (Sociedade Gestora de Organismos de Investimento Coletivo, S.A.) founded in 1989 and headquartered in Lisbon. Following Fidelidade's 2025 acquisition of a 70% stake, the combined entity manages approximately €25 billion in assets, with IMGA functioning as the in-house asset management arm of Portugal's largest insurance group. The company operates a 30+ fund platform organized across five categories: mutual funds (money market, short-term, fixed income, multi-asset, and equity), retirement savings plans (PPR/OICVM) including ABANCA-branded lifecycle products, alternative funds targeting SMEs (IMGA PME Flex), private equity funds across logistics, R&D, technology, and senior living, and an investor education layer delivered through the IMGA Podcasts series. A subset of products is structured to qualify under Portugal's Golden Visa residency program for non-EU investors.

The company does not develop proprietary technology platforms; its core capability is professional portfolio management, fund administration, and investment advisory services delivered through licensed SGOIC structures supervised by CMVM, with selected funds classified under SFDR Article 8. Revenue is generated almost entirely through recurring management fees on assets under management (typically 0.20% to 2.225% per annum depending on fund and share class), supplemented by depositary fees, entry/exit fees, and minimum initial subscriptions ranging from €25 to €250,000.

IMGA distributes its funds through an extensive network of Portuguese banking partners — including Millennium bcp, Crédito Agrícola, ActivoBank, ABANCA, Bison Bank, Banco Invest, Banco Best, Banco BNI Europa, Banco Atlântico Europa, and Plural Markets — supplemented by a direct client portal (Área Reservada). It serves conservative retail savers, growth-oriented investors, retirement savers, qualified alternative-asset investors, and non-EU Golden Visa applicants, with a hybrid segmentation approach. The firm is recognized in the Portuguese market through FundsPeople Awards (2025, three categories) and several prior B Blockbuster Ratings, and is in the process of expanding into investment consulting and wealth management through a new Porto office opened in 2025.

Name

IM Gestão de Ativos

Legal name

IM Gestão de Ativos - Sociedade Gestora de Organismos de Investimento Coletivo, S.A.

Website

https://imga.pt

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

IM Gestão de Ativos is a Lisbon-based Portuguese asset management company managing approximately €25 billion across mutual funds, retirement savings, alternative and private equity vehicles, distributed through major Portuguese banks and majority-owned by Fidelidade following a 2025 acquisition.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

Keywords

• Asset management
• Investment funds
• Retirement savings
• Portfolio management
• Mutual funds

Headquarters

HQ city

Lisbon

HQ country

Portugal

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: IMGA generates revenue primarily through management fees charged on assets under management across its mutual funds, alternative funds, and private equity funds. Fees vary by fund type and share class, typically ranging from 0.20% to 2.225% per annum.

Pricing tiers

Go-to-market motion1 record

Distribution channels12 records

Marketing channels6 records

Core offering

IM Gestão de Ativos (IMGA) is a Portuguese asset management company that manages and distributes a comprehensive range of investment funds covering money market, fixed income, multi-asset, equity, pension/retirement savings (PPR), alternative, and private equity strategies. The firm operates as a licensed Sociedade Gestora de Organismos de Investimento Coletivo (SGOIC) under CMVM supervision and distributes its funds through an extensive network of Portuguese banking partners as well as directly through its own online client portal (Área Reservada).

Product overview

IM Gestão de Ativos (IMGA) is a Portuguese asset management company operating as a platform of investment funds organized into five main categories: (1) Mutual Funds (Fundos de Investimento Mobiliário) spanning money market, short-term, fixed income, multi-asset, and equity funds; (2) Pension/Retirement Funds (PPR/OICVM) including lifecycle funds and savings-focused products; (3) Alternative Funds targeting SMEs; (4) Private Equity Funds covering logistics, R&D, technology, and senior living sectors; and (5) Investor education content through IMGA Podcasts. The company distributes funds through multiple banking partners including Millennium bcp, Crédito Agrícola, ActivoBank, and others, and has developed specific Golden Visa-eligible products. In 2025, Fidelidade acquired 70% of IMGA, creating a combined entity managing €25 billion in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• IMGA Money Market Money market fund aimed at capital preservation with low-volatility investment and stable returns exceeding money market interest rates, targeting conservative investors with short to medium-term horizons.
• IMGA Money Market USD USD-denominated money market fund targeting capital preservation and returns aligned with USD money market rates for investors seeking USD currency exposure.
• CA Monetário (Money Market) Money market fund managed in partnership with Crédito Agrícola, offering capital preservation and stable low-volatility returns distributed primarily through Crédito Agrícola banking network.
• IMGA Liquidez Short-term fund investing exclusively in low-volatility short-term instruments including deposits, commercial paper, and bonds with less than 397 days maturity.
• IMGA Euro Taxa Variável Fixed income fund investing in variable rate bonds and other debt instruments indexed to Eurozone short-term interest rates.
• IMGA Rendimento Semestral Fixed income fund providing profitability and stability aligned with money market interest rates through medium and long-term securities.
• CA Rendimento Fixed income fund managed in partnership with Crédito Agrícola, investing in bonds and money market instruments indexed to short-term interest rates.
• IMGA Dívida Pública Europeia Fixed income fund investing at least two-thirds of net assets in bonds from private entities or public issuers from OECD countries.
• IMGA Rendimento Mais Fixed income fund investing in variable or fixed rate bonds and senior/subordinated debt instruments, excluding equities.
• IMGA Financial Bonds 3 1/2 Y Fixed income fund investing in European and North American senior debt bonds from investment-grade entities, with 3.5-year duration.
• IMGA Portuguese Corporate Debt Fixed income fund investing a minimum of 65% of assets in Portuguese corporate debt instruments including bonds and commercial paper.
• IMGA Obrigações Globais Taxa Indexada EUR 2026 Fixed income fund with capital protection and semi-annual payments indexed to 3-month Euribor minus 25 basis points.
• BTG Pactual GV Corporate Bonds 60/40 Structured fund offering minimum 60% exposure to Portuguese corporate debt and up to 40% Latin American corporate debt, eligible for the Portugal Golden Visa residency program.
• IMGA GV Portuguese Corporate Debt Fixed income fund investing in Portuguese corporate debt instruments, eligible for the Portugal Golden Visa program.
• IMGA Obrigações Corporate 2028 - 2,30% Fixed income fund with capital protection at maturity and guaranteed minimum return of 4.6% over 23 months (2.30% annual yield).
• IMGA Flexível Multi-asset fund with flexible management seeking a 2.5% return premium over money market instruments over 3-year periods.
• IMGA Alocação Defensiva Multi-asset fund with balanced investment approach providing medium/long-term returns with premium over money market instruments.
• IMGA Alocação Moderada Multi-asset fund with balanced allocation between shares and bonds, targeting medium/high risk investors with a 4-year investment horizon.
• IMGA Alocação Dinâmica Multi-asset fund with dynamic allocation investing at least two-thirds in other investment funds, targeting high-risk investors.
• Eurobic Seleção Top Multi-asset fund in partnership with Eurobic, investing a minimum of 70% in absolute return mutual funds with a 2.5% premium target.
• IMGA Ações Portugal Equity fund providing exposure to the domestic Portuguese equity market, eligible for the Golden Visa program.
• IMGA European Equities Equity fund investing a minimum of 85% in shares of companies headquartered in the EU, UK, Norway, and Switzerland.
• IMGA Ações América Equity fund investing in US and Canadian listed equities, with a minimum of 85% in shares.
• IMGA Global Equities Selection Equity fund targeting long-term capital appreciation through global shares aligned with the MSCI World index composition.
• IMGA GV Portuguese Equities Equity fund providing long-term profitability reflecting domestic Portuguese equity market performance, eligible for Golden Visa residency.
• IMGA Poupança PPR/OICVM Retirement savings fund with Portuguese tax advantages, investing in mixed assets for long-term capital appreciation.
• IMGA Investimento PPR/OICVM Retirement savings fund investing up to 55% in equities with balance in investment-grade bonds, providing tax-advantaged retirement savings.
• IMGA Crescimento PPR/OICVM Growth-oriented retirement fund reflecting aggregate returns of developed international equity markets with Portuguese tax advantages.
• ABANCA PPR/OICVM Ciclo de Vida +55 Age-based lifecycle pension fund for investors aged 55+, with a decreasing risk profile managed in partnership with ABANCA.
• ABANCA PPR/OICVM Ciclo de Vida 45-54 Age-based lifecycle pension fund for investors aged 45-54 with a moderate risk profile.
• ABANCA PPR/OICVM Ciclo de Vida 35-44 Age-based lifecycle pension fund for investors aged 35-44 with growing risk tolerance.
• ABANCA PPR/OICVM Ciclo de Vida -34 Age-based lifecycle pension fund for investors under 34 with the highest equity allocation.
• IMGA PME Flex Flexible alternative investment fund targeting Portuguese SMEs with diversified investment strategies.
• Mondego Invest Private equity fund focused on logistics and retail sector investments in Portugal.
• Capitalves Sifide Private equity fund focused on research and development investments with the Sifide tax incentive scheme.
• Futurum Tech Private equity fund targeting future technology and life sciences sector investments.
• Silver Domus Private equity fund focused on senior living and elderly care sector investments.

Quantifiable outcome

• €25 billion in combined assets under management following Fidelidade acquisition

Named customers10 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• BTG Pactual Asset ManagementcoreStrategic or Co-development Partner · 8 February 2026BTG Pactual Asset Management and IMGA partnered to launch the BTG Pactual GV Corporate Bonds 60/40 fund in Portugal. The fund is structured by IMGA and distributed through its network, offering exposure to European and Latin American corporate credit linked to Portugal's Golden Visa program. Minimum 60% investment in Portuguese issuers, up to 40% in Latin American corporate debt.

Scale indicators2 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Caixa Gestão de Ativos: Portuguese asset management firm (part of Caixa Geral de Depósitos group) managing mutual funds, pension funds, and real estate funds. Directly comparable to IMGA in scale, product mix (UCITS, PPR, multi-asset), and Portuguese bank-distribution model.
• BPI Gestão de Ativos: Portuguese asset manager owned by CaixaBank (formerly BPI), offering a similar range of mutual funds, retirement savings plans (PPR), and wealth management solutions. Comparable in scale and product breadth, distributed through the BPI retail banking network.
• Optimize Investment Partners: Independent Portuguese asset manager offering multi-asset funds, fixed income, equities, and PPR products. Comparable mid-sized Portuguese competitor with similar GTM (bank distribution) and product categories.
• GNB - Gestão de Ativos (Novo Banco): Asset management arm of Novo Banco managing Portuguese mutual funds, PPR products, and discretionary mandates. Comparable in scale, product range, and bank-distribution dependency.

Regional players

• Bankinter Asset Management: Spanish asset manager with growing Portuguese presence, offering multi-asset funds and PPR-equivalent products in Iberia. Comparable in Iberian retail wealth focus and product mix, though based in Spain.

Broad incumbents

• Santander Asset Management: Global asset management arm of Santander group with significant Portuguese operations and PPR/mutual fund offerings. Comparable as a large incumbent distributing through Portuguese banking channels (Santander Totta), though with broader international scale.
• Allianz Global Investors / AllianzGI Portugal: International asset manager offering Portuguese and European UCITS funds, PPR products, and multi-asset solutions. Comparable broad fund offerings distributed in Portuguese retail channels, but at much larger global scale.
• Fidelity International: Global asset manager with active European UCITS funds distributed in Portugal. Comparable as a competitor for international equity and multi-asset shelf space within Portuguese bank networks, though with vastly larger AUM and broader product range.
• Schroders: Global active asset manager offering European UCITS funds distributed in Portuguese bank networks. Comparable competitor for active fixed income, multi-asset, and equity shelf space; larger scale and broader international mandate mix.
• Amundi: Europe's largest asset manager with extensive UCITS and PPR-style retirement products distributed in Portugal. Comparable competitor across active and passive product categories in Portuguese bank channels; significantly larger scale and broader European footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCWlHTdBywMXqX6tiRCq3aRA
• Facebookfacebook.com/IMGestaodeAtivos?view_public_for=106143264513736
• LinkedInlinkedin.com/company/im-gestao-de-ativos
• Instagraminstagram.com/imgestaodeativos

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IM Gestão de Ativos