GNB Gestão de Ativos

Name

GNB Gestão de Ativos

Legal name

GNB Gestão de Ativos – Sociedade Gestora de Organismos de Investimento Coletivo, S.A.

Website

https://gnbga.pt

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Investment fund management
• Pension fund management
• Asset management services
• Portfolio management
• Wealth management

Headquarters

HQ city

Lisboa

HQ country

Portugal

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Annual management fees calculated daily based on assets under management (AUM). Rates vary by fund type: bond funds typically 0.25%-0.75%, equity funds 1.5%, flexible funds 1.5%, pension funds 0.1%-0.125%. These fees are the primary revenue stream.
2. Subscription Fees: One-time subscription commissions charged to investors when purchasing fund units. Many funds offer subscription fee waivers during promotional periods.
3. Redemption Fees: Exit fees charged when investors redeem fund units. Rates vary by fund and holding period, typically ranging from 0% to 2.5%. Capital-guaranteed pension funds may have no redemption fees under certain conditions.
4. Custodian/Depository Fees: Fees paid by funds to custodian banks for asset safekeeping and administration services. Typically calculated daily as percentage of fund AUM.
5. Distribution Fees: Income from annual distribution of fund dividends to investors, as seen in GNB Obrigações 2026 2a Série which distributed €0.1342 per unit in September 2025.
6. Discretionary Portfolio Management Fees: Fees for personalized discretionary asset management services, including portfolio management, asset allocation, and dedicated relationship management.

Pricing tiers

Go-to-market motion1 record

Distribution channels9 records

Marketing channels7 records

Core offering

GNB Gestão de Ativos is the asset management subsidiary of Grupo novobanco, managing a diversified portfolio of investment funds (bond, equity, flexible, and mixed funds), pension funds (PPR retirement savings and corporate pension plans), real estate investment funds, and discretionary portfolio management services. The company distributes its products through novobanco's branch network, partner banks (Banco BEST, Banco Invest, Banco ActivoBank), and insurance intermediaries, primarily serving retail and institutional investors in Portugal.

Product overview

GNB Gestão de Ativos is the asset management subsidiary of Grupo novobanco, offering a comprehensive portfolio of investment products and services. The company provides: (1) Investment Funds (Fundos de Investimento Mobiliário) including bond funds (GNB Capital, GNB Capital Plus, GNB Obrigações Europa, and various maturity-targeted bond funds), flexible funds (GNB Rendimento Plus, GNB Estratégia Rendimento), equity funds (GNB Momentum, GNB Portugal Ações, NB America Growth), and balanced funds (GNB Dinâmico, GNB Equilibrado, GNB Conservador); (2) Pension Funds (Fundos de Pensões) including Multireforma family (Multireforma, Multireforma Capital Garantido, Multireforma Plus, Multireforma Ações), PPR products (GNB PPR, PPR Vintage Sustentável, GNB PPR GL EQ Opportunities); (3) Real Estate Investment Funds with portfolio exceeding EUR 1 billion; (4) Discretionary Portfolio Management services. The company also offers ESG-focused products aligned with Article 8 SFDR requirements.

Differentiator

Problem solved

Functional benefit

Products and services

• GNB Capital Open-ended bond investment fund investing in fixed or variable rate debt securities, Treasury Bills, and commercial paper denominated in Euro, designed for retail and institutional investors seeking euro-denominated fixed income exposure.
• GNB Capital Plus Fixed and variable rate bond fund investing at least 80% of net asset value in indexed and/or fixed rate government and corporate debt admitted to trading on EU markets.
• GNB Obrigações Europa European bond fund investing more than 70% of assets in fixed-rate bonds from supranational entities, European states, and companies.
• GNB Obrigações 26-29 Fixed maturity bond fund with maturity matching the fund's maturity date. Minimum 80% in investment grade bonds, up to 15% in high yield.
• GNB Obrigações 2027 Fixed maturity bond fund investing in bonds with maturity equal to or before fund maturity date.
• GNB Obrigações Dezembro 2026 Capital-guaranteed bond fund with estimated annual return of 2.40% net of costs, gross of taxes, providing capital reimbursement at maturity.
• GNB Obrigações 25-27 Fixed maturity bond fund with maturity in 2027. Minimum 80% in investment grade bonds, up to 15% in high yield.
• GNB Obrigações 25-28 Fixed maturity bond fund with maturity in 2028. Minimum 80% in investment grade bonds, up to 15% in high yield.
• GNB Obrigações 2026 2a Série Fixed-term bond fund with 3-year 3-month duration providing annual yield distribution. Invests in bonds from companies, governments, and supranational entities.
• GNB Obrigações USD 2027 Open-ended bond fund denominated in USD. Minimum 80% in USD investment grade bonds, up to 15% in high yield.
• GNB Rendimento Plus Flexible fund investing in liquid assets representing exposure to credit and interest rate strategies through money market instruments, bonds, bond funds, and derivatives.
• GNB Estratégia Rendimento Flexible fund promoting environmental and social characteristics (Article 8 SFDR). Provides quarterly income and moderate capital growth through diversified portfolio of equities, bonds, money market instruments, and REITs.
• GNB Momentum International equity fund privileging companies with best ESG practices. Minimum 75% of direct investment in companies with ESG classification above 50 points. Fund invests minimum 85% in equities.
• GNB Mercados Emergentes Equity fund investing in emerging markets of Europe, Asia, Latin America, and South Africa. Invests in equities and convertible securities from emerging market issuers.
• GNB Portugal Ações Portuguese equity fund investing mainly in shares admitted to trading on Portuguese stock exchanges and EU exchanges from issuers headquartered in Portugal.
• NB Corporate Euro International bond fund investing in debt securities worldwide with minimum B rating, mainly in variable rate or short-term fixed rate bonds and asset-backed securities.
• NB America Growth (USD) Diversified US equity fund investing mainly in equities or equity-equivalent securities from issuers located primarily in the United States of America.
• GNB Dinâmico Balanced fund promoting environmental and social characteristics (Article 8 SFDR). Invests minimum 50% to maximum 100% in equities or equity funds with long-term capital appreciation objective.
• GNB Equilibrado Balanced fund promoting environmental and social characteristics (Article 8 SFDR). Invests minimum 20% to maximum 50% in equities or equity funds with flexibility to invest up to 100% in other UCITS.
• GNB Conservador Conservative balanced fund investing maximum 20% in equities or equity funds. Flexible allocation with option to invest up to 100% in UCITS, including absolute return funds and ETFs.
• Multireforma Open pension fund aiming to maximize potential returns in medium and long term. Maximum 15% in listed equities, minimum 15% to maximum 60% in fixed rate bonds, minimum 25% to maximum 70% in variable rate bonds.
• Multireforma Capital Garantido Capital-guaranteed open pension fund with no equity investment. Minimum 35% in bonds (80% fixed rate reference), maximum 20% in commercial paper, up to 10% in alternative funds.
• Multireforma Plus Long-term pension fund maximizing potential returns. Maximum 40% in listed equities, minimum 20% to maximum 55% in fixed rate bonds, minimum 15% to maximum 40% in variable rate bonds.
• Multireforma Ações Equity-focused pension fund maximizing long-term returns with 100% reference allocation to equities. Maximum 45% in variable/fixed rate bonds, derivatives, and alternative funds.
• PPR Vintage Sustentável ESG-focused pension fund maximizing medium and long-term returns while privileging companies and states adopting best environmental, social, and governance practices. Maximum 15% in equities, minimum 50% in fixed rate bonds.
• GNB PPR Pension Savings Plan (PPR) investing minimum 40% to maximum 75% in government debt securities with maturity over 1 year, maximum 25% in equities and convertible securities.
• GNB PPR GL EQ Opportunities Pension Savings Plan (PPR) providing access to diversified portfolio of equity Exchange Traded Funds (ETFs). Minimum 85% in equity ETFs, up to 15% in Emerging Markets equity ETFs.
• Gestão Discricionária Discretionary portfolio management service providing personalized portfolio management with portfolio manager accompaniment, risk profile definition, and detailed portfolio information for high net worth clients.
• Fundos de Investimento Imobiliário Real estate investment fund management covering property acquisition, development, and management. One of the largest and most important real estate asset managers in Portugal with portfolio exceeding EUR 1 billion.

Quantifiable outcome

• GNB Momentum fund achieved 25.01% return in the one-year period ending July 2026, with risk rating of 5/7.
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core, secondary and minor.

• novobancocoreChannel Partner/ Reseller/ Distributornovobanco is the primary distribution partner and parent company shareholder for GNBGA. The fund manager operates as part of the novobanco Group, distributing products through all novobanco branches, novobanco Online banking platform, and Linha Direta telephone service. The partnership provides GNBGA with extensive retail market reach across mainland Portugal and the Azores archipelago.
• Banco BESTcoreChannel Partner/ Reseller/ DistributorBanco BEST serves as a key distribution partner for GNBGA funds, offering products through its investment centers, telephone service, and online platform (bancobest.pt). The partnership extends GNBGA's reach to digital-savvy investors and wealth management clients.
• Banco InvestsecondaryChannel Partner/ Reseller/ DistributorBanco Invest distributes GNBGA fund products through its branch network and online banking platform, providing additional retail distribution coverage in the Portuguese market.
• Banco ActivoBanksecondaryChannel Partner/ Reseller/ DistributorDigital-focused banking partner distributing GNBGA products including NB Corporate Euro and pension funds through its online and telephone channels.
• All Funds Bank, SAsecondaryChannel Partner/ Reseller/ DistributorInternational distribution partner for NB Corporate Euro fund, providing access to institutional investors through the bank's European distribution network.
• Banco Inversis, SAsecondaryChannel Partner/ Reseller/ DistributorInternational banking partner distributing NB Corporate Euro fund to institutional clients in European markets.
• TRESSIS, Sociedad de Valores, S.A.minorChannel Partner/ Reseller/ DistributorSpanish securities firm distributing NB Corporate Euro fund to clients in the Spanish market.
• NS Partners Europe SAsecondaryTechnology or IntegrationSince November 2023, NS Partners Europe SA serves as the Management Company for NB Corporate Euro fund, while GNB Gestão de Patrimónios continues as the portfolio management entity.
• UN Global CompactcoreStrategic or Co-development PartnerGNBGA is a signatory to the UN Global Compact, demonstrating commitment to sustainable business practices and aligning with international ESG standards.
• BCSD (Business Council for Sustainable Development)coreStrategic or Co-development PartnerGNBGA is a member of BCSD Portugal, participating in sustainable development initiatives and promoting responsible business practices in Portugal.
• CMVM (Comissão do Mercado de Valores Mobiliários)coreOthersRegulatory authority overseeing GNBGA's fund management operations. Publishes daily UP values and fund portfolio information for investor transparency.
• Banco de PortugalcoreOthersCentral bank and regulatory authority supervising GNBGA as a financial intermediary and licensed asset management company.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Caixa Gestão de Ativos: Asset management arm of Caixa Geral de Depósitos, the Portuguese state-owned bank. Manages mutual funds, pension funds, and real estate funds distributed through the CGD branch network. Directly comparable in business model, product mix, and reliance on a single bank parent's distribution.
• Optimize Investment Partners: Independent Portuguese asset manager offering multi-asset funds and PPR products. Direct peer competing in the same Portuguese retail and institutional segments, particularly in flexible and multi-asset strategies.
• BPI Gestão de Ativos: Asset management arm of BPI (one of Portugal's largest banks), managing a broad lineup of mutual funds, pension funds, and PPR products for Portuguese retail and institutional clients. Most direct domestic peer to GNBGA given overlapping fund categories, distribution model through BPI branches, and shared team pedigree (several GNBGA portfolio managers came from BPI).
• IM Gestão de Ativos: Portuguese asset manager formed from the former BES Gestão de Activos (post Novo Banco spin-off). Manages mutual funds and pension funds for Portuguese retail and institutional clients, with overlapping product categories in fixed income, equities, and PPR.
• Santander Asset Management (Portugal): Portuguese arm of Santander's global asset management business, distributing funds through Santander Totta branches. Comparable in targeting Portuguese retail investors via bank distribution with overlapping fund categories in fixed income, equities, and pension products.

Broad incumbents

• BBVA Asset Management: Global asset management arm of BBVA, operating extensively in Iberia and Latin America with significant pension fund and mutual fund offerings. Broad incumbent for benchmarking institutional pension management capabilities and Iberian fund performance.
• Mutuactivos: Spanish asset manager owned by Mutua Madrileña, managing mutual funds and pension plans for Spanish retail and institutional clients. Comparable in product structure, regulatory framework, and Iberian distribution model.
• BlackRock Iberia: Global asset manager with Iberian distribution via iShares ETF range and institutional mandates. Comparable as a benchmark for ESG product development (Article 8/9 SFDR) and represents passive investment pressure on traditional active mutual fund economics.
• Amundi Iberia: Iberian operations of Europe's largest asset manager, distributing UCITS funds and pension products through Portuguese and Spanish banking partners. Comparable on product categories and represents the dominant scaled competitor pushing into the Portuguese distribution market.
• Bankinter Asset Management: Spanish asset management arm of Bankinter, offering Iberian fixed income, equity, and pension products. Comparable to GNBGA's Iberian-focused funds (NB Corporate Euro, GNB Obrigações Europa) and provides perspective on Iberian cross-border asset management economics.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gnb-gestao-de-ativos

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 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 GNB Gestão de Ativos