CMVM clears Fomento to operate as large-scale asset manager
Portugal's securities regulator has approved Fomento SGOIC's application to become a large-scale investment fund manager, removing the ceiling that previously capped its growth at €500 million in assets under management.
The Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários, or CMVM) deliberated favorably on the company's new regulatory classification, Fomento announced. The decision allows the firm to continue growing its asset base, develop larger investment vehicles, and take on more complex operations.
Fomento currently holds around €440 million in assets under management, positioning it close to the previous threshold. Without this regulatory approval, the firm would have faced limits on further expansion.
What changes for Portuguese companies
The new framework opens investment pathways for businesses needing larger capital injections. Abel Mascarenhas, president of Fomento's Board of Directors, said the change marks "a new cycle" for the society.
"We want to mobilize long-term capital and channel it toward the investment, competitiveness, and growth of Portuguese companies," Mascarenhas stated in the announcement.
The company confirmed that its growth strategy will maintain its focus on sustainable value creation, investor protection, and economic relevance. Fomento confirmed its commitment to governance standards, transparency, internal controls, and risk management.
Five funds targeting tourism and industry
Fomento's portfolio consists of five closed-end real estate investment funds directed at tourism and industrial activities. These include:
• Fundo de Investimento Imobiliário Fechado Turístico (FIIFT) and its successor, FIIFT II, which aim to reinforce the financial capacity of companies
• Fundo Imobiliário Especial de Apoio às Empresas (FIEAE), created to improve financing conditions, particularly for small and medium-sized enterprises
• Territórios de Baixa Densidade Turísticos (TBDT), focused on sustainable tourism development in low-density regions
• Fundo Revive Natureza (FRN), which aims to valorize built and natural heritage while promoting regional development
The firm works with companies in the tourism and industrial sectors that are economically viable but face financial difficulties, intervening on their real estate components.
Ownership structure and market position
Fomento was established in 1995 and was previously known as Turismo Fundos. Its ownership structure consists of Banco Português de Fomento holding 53.2%, Caixa Geral de Depósitos with 33.5%, and Novo Banco with the remaining 13.3%.
The CMVM's recognition confirms the society's institutional maturity and its technical, operational, and organizational capacity to meet the requirements of its new scale, according to the firm.
Banco de Portugal warns on unauthorized financial services
Separately, the Banco de Portugal has issued warnings that three entities are not authorized to provide financial services in the country.
Banco Luz, operating through the website bancoluz.com, is not licensed to accept deposits, grant credit, or conduct any other financial activity in Portugal.
Similarly, Jorge Gaspar Muianga (tax identification number 277729653) and Rafique Ismael Cassamo (tax identification number 331280906) are not authorized to carry out financial activities in Portugal, whether acting on their own behalf or on behalf of third parties.
The central bank maintains a list of entities authorized to accept deposits and grant credit at www.bportugal.pt.
Residents who encounter unlicensed providers should verify authorization status before engaging any financial services firm. Unauthorized activity carries legal and financial risks for consumers, with no protection under Portuguese deposit guarantee schemes.
