The Strategic Investment Services Unit focuses on mutual funds and investment and brokerage firms. Because of its extensive experience, it is an indisputed leader in the investment community and one of the most active players in Spanish fixed-income and equity trading, both cash and derivatives. Moreover, it is one of Spain's top five UCITS management companies in terms of managed assets.

Despite the widespread increase in competition, the decline in trading and the shift by large financial groups towards in-sourcing services, Ahorro Corporación ranked fourth in domestic equity brokerage at the end of 2008. Through ACF, the group's broker, Ahorro Corporación brokered 149.9 billion euro in Spanish equities, providing it with a market share of 6.1%. It also retained a top spot in the derivatives market, in particular in options and futures on stocks and the Ibex-35 index. As a result, ACF again ranked third among Spanish brokers in terms of earnings. The Strategy and Research area continued its successful streak, and for the fourth consecutive year it was named best Spanish research house for small and mid-caps by the prestigious international consulting firm AQ Research.

The fixed-income brokerage business has been affected by the acute liquidity crisis and constant interventions by central banks.

Nevertheless, because of institutions' preference for telephone trading in price discovery, the company expanded revenues significantly and increased its market share to almost 30%, maintaining its position as a leader in fixed-income brokerage in Spain. Constant progress with our electronic trading support systems and our growing market share among non-resident financial institutions enabled us to end the year on a very positive note despite the extremely difficult market context.

There was no shortage of challenges for the mutual funds industry in 2008. The group's UCITS management company, AC Gestión, maintained its fourth-place ranking in Spain and attained a market share of 5.3%, with 8.9 billion euro under management for mutual funds and investment companies. For the second consecutive year, AC Gestión was recognised as the best euro money-market fund manager and best mid-sized hedge fund manager, and it was also a finalist for the best fixed-income manager award from Expansión and Interactive Data. All the equity funds were among the top one-third in their categories on the basis of yields. Selectiva Inversiones, which provides management and advisory services for high net worth individuals (HNWIs), strengthened its position.

The Retail Distribution area includes all investment services that Ahorro Corporación provides to individual clients through its offices in Madrid and Barcelona and via the internet. Technology plays a key role in that business model and the company seeks to leverage the advantages and scale economies offered by the internet and transfer them to clients.The online broker, www.ahorro.com, offers a range services that is constantly evolving, and it is a leader in its segment in Spain. Services for individuals range from providing access to leading instruments and markets through to value-added services, such as discretionary portfolio management for HNWIs. This service is available via Ahorro Corporación Patrimonios, a unit specialised in providing tailor-made services to HNWIs.

The Barcelona office is responsible for institutional relations in Catalonia, and focuses on brokerage services in equities, derivatives and fixed-income markets. The office also provides retail distribution services for personal and private banking customers and manages assets and Sicavs for institutional clients and HNWIs. It also coordinates the sale of other investment services provided by the group in Catalonia.