Ecuador’s securities market
Every entity in the securities market reports its balance sheet to the public registry of the Superintendencia de Compañías, Valores y Seguros: trusts (estates a manager runs on assignment) and investment funds, every month; issuers (companies that raise financing by selling securities), every semester. This page sums up that archive, which runs from late 2014 to July 2026: how much money lives in trusts, how much the funds manage, and what balance sheets the issuers file.
- Assets in trusts
- $30,924 M
- Trusts reporting
- 3,885
- Investment funds
- $3,213 M
- Registered issuers
- 587
The money that lives in trusts
Balance sheets as of July 2026
3,885 fiduciary businesses filed a balance sheet in July 2026, with $30,924 M in assets and $20,462 M in equity. It is a parallel, rarely watched economy: through the trusts pass real estate projects, bank guarantees, exporters' cash flows and public works, and the registry has recorded 7,443 distinct trusts since 2014.
Of every 100 fiduciary dollars
62% not registered · 3,047 trusts 38% registered · 838
The Superintendencia distinguishes fiduciary businesses registered in the securities market registry from those reporting without being registered. The ten largest trusts concentrate 22.2% of all fiduciary assets.
Where the money sits
- Financial assets $10,035 M · 32.5%
- Other non-current assets $6,608 M · 21.4%
- Property, plant and equipment $6,423 M · 20.8%
- Inventories $3,261 M · 10.5%
- Non-current financial assets $1,234 M · 4.0%
- Cash and cash equivalents $878.7 M · 2.8%
- Notes and accounts receivable, unrelated parties $784.6 M · 2.5%
- Investment property $754.2 M · 2.4%
Chart-of-accounts categories with which each trust breaks down its assets, shown here under their original IFRS names (the standards are issued in English; the Spanish wording on the filed form is the translation). Amounts are as reported: in a guarantee trust they reflect the goods backing a debt, not available cash. 186 trusts run on negative equity, that is, they owe more than they hold ($307 M in the red among them), and only 68 appear on the SRI's enforceable-debt list, for $965 k.
The largest trusts, by assets
- Construmercado Fideicomiso de Administracion de Flujos $3,213 M
- Fideicomiso Proyecto Toachi Pilaton $760.4 M
- Fideicomiso Inversion Hipotecaria 1 $575 M
- Fondo Fiduciario de Desarrollo del Nuevo Aeropuerto Internacional de Guayaquil (Naig) $415.9 M
- Fideicomiso Mercantil de Garantia Automotriz Produbanco 2022 $400.9 M
- Fideicomiso Automotriz CFC Tf-g-585 $363 M
- Fideicomiso Mercantil de Garantia Automotriz Banco Pichincha 2022 $319.1 M
- Holcim Ecuador Fideicoimiso de Administracion de Flujos $286.3 M
- Fideicomiso de Administracion y Garantia Ptie $285.6 M
- Fideicomiso Mercantil de Garantia Automotriz Originarsa 2022 $241 M
- Fideicomiso Garantia Aba $235.3 M
- Fideicomiso Local Fdn1 $229.8 M
The monthly series, since 2015
See the full series
- 2015
- 13.9
- 2016
- 11.9
- 2017
- 12.2
- 2018
- 13.7
- 2019
- 14.7
- 2020
- 16.1
- 2021
- 17.8
- 2022
- 18.7
- 2023
- 21.9
- 2024
- 23.9
- 2025
- 29.4
- 2026
- 30.9
See the full series
- jul 25
- 30.9
- ago 25
- 30.9
- sep 25
- 31.3
- oct 25
- 30.9
- nov 25
- 31.3
- dic 25
- 29.4
- ene 26
- 25.5
- feb 26
- 28.9
- mar 26
- 26.6
- abr 26
- 30
- may 26
- 30.3
- jun 26
- 30.9
- jul 26
- 30.9
Fiduciary assets went from $13,870 M at the close of 2015 to $30,924 M in July 2026, with a single visible pause in 2016. The monthly series also shows the system's internal rhythm: every December assets contract when a batch of trusts is wound up or renders accounts, and the rest of the year they fill back up. The trust population renews itself too: over the last twelve months 466 reported a balance sheet for the first time and 496 stopped reporting, which does not always mean liquidation.
Investment funds, the fastest-growing corner
77 active funds
See the full series
- 2015
- 0.3
- 2016
- 0.4
- 2017
- 0.5
- 2018
- 0.6
- 2019
- 0.6
- 2020
- 0.8
- 2021
- 1.2
- 2022
- 1.1
- 2023
- 1.2
- 2024
- 1.6
- 2025
- 2.5
- 2026
- 3.2
It is the fastest-growing segment of the whole market: from $259.9 M at the close of 2015 to $3,213 M today, 12.4 times more since 2015. 77 funds manage that money, and the list of the largest mixes bank funds, independent managers' funds and pension-style funds.
The largest funds, by assets
- Fondo de Inversion Administrado Repo $274.7 M
- Fondo de Inversion Administrado Acumulacion $225 M
- Fondo de Inversion Administrado Vanguardia Prevision $158.6 M
- Fondo de Inversion Administrado de Corto Plazo CP Guion Uno $156.6 M
- Fondo de Inversión Administrado Aliado $147.9 M
- Fondo de Inversion Administrado Pbtf $144.3 M
- Fondo Administrado de Inversion Fondo Real $134.7 M
- Fondo de Inversion Administrado Centenario Renta $130.3 M
The intermediaries are tiny
Brokerage houses · 31 reporting
- Casa de Valores Advfin S.A. $9.7 M
- Intervalores Casa de Valores S.A. $4.2 M
- Picaval Casa de Valores S.A. $3.3 M
- Silvercross S.A. Casa de Valores Sccv $2.8 M
- Santa Fe Casa de Valores S.A. Santafevalores $2.7 M
- Casa de Valores Value S.A. $2.3 M
- Ecuabursatil Casa de Valores S.A. $2.2 M
- Banrio Casa de Valores S.A. $2 M
The contrast with the system's size is the story: the country's 31 brokerage houses (the intermediaries authorized to buy and sell securities on behalf of third parties) hold $53.8 M in assets of their own, and the 28 private fiduciary managers, $99.2 M. The intermediaries moving a market of tens of billions are, as businesses, mid-sized companies.
A caveat: the managers' registry also lists public institutions, which file their full institutional balance sheet there. Adding them to the private ones would distort the figure, so they go apart:
- Banco Central del Ecuador $17,841 M · Dec 2025
- Corporacion Financiera Nacional BP $3,830 M · Jul 2026
- Corporacion Nacional de Finanzas Populares y Solidarias $654.2 M · Jul 2026
The public banking analysis, with each institution’s profile, lives in the financial system page.
The companies that issue securities
Balance sheets as of June 30, 2026
587 companies stand as securities issuers, and they are no ordinary companies: 37 of the country's 100 highest-revenue companies (143 of the top 500, with 2025 data) finance part of their operation in the securities market.
Their advantage is how current the information is: besides the annual balance sheet (501 issuers filed the 2025 one, with $35,328 M in assets), issuers report every semester, and that cutoff carries the income statement for the full period. As of June 30, 2026, 227 issuers had already filed with $21,604 M in assets, and 225 declared $11,698 M in revenue between January and June, with $494.1 M in net profit. That is financial information half a year fresher than the annual statements, and each directory profile picks it up in its securities market section.
The semester's largest profits
- Corporacion Favorita C.A. $75.6 M
- Cerveceria Nacional CN S.A. $56.9 M
- Corporacion Multibg S.A. $54.9 M
- Holcim Ecuador S.A. $43.2 M
- Distribuidora Farmaceutica Ecuatoriana (Difare) S.A. $19.4 M
- Telconet S.A. $19.4 M
- Plasticos Rival Cia Ltda $15.9 M
- Procesadora Nacional de Alimentos C.A. Pronaca $15.5 M
- Farmaenlace Cia. Ltda. $13.2 M
- Inversancarlos S.A. $13.1 M
Net profit from January to June 2026, per the semiannual cutoff. On the other shore, 48 issuers closed the semester at a loss, $65.9 M among them.
The largest issuers, by assets
- Corporacion Favorita C.A. $2,752 M Balance sheet as of Jun 2026
- Corporacion el Rosado S.A. $1,100 M Balance sheet as of Jun 2026
- Otecel S.A. $900 M Balance sheet as of Dec 2025
- Procesadora Nacional de Alimentos C.A. Pronaca $833.2 M Balance sheet as of Jun 2026
- Telconet S.A. $744.7 M Balance sheet as of Jun 2026
- Tiendas Industriales Asociadas Tia S.A. $727.4 M Balance sheet as of Jun 2026
- Operadora y Procesadora de Productos Marinos Omarsa Sa $688.5 M Balance sheet as of Dec 2025
- Holcim Ecuador S.A. $551.6 M Balance sheet as of Jun 2026
- La Fabril S.A. $527.1 M Balance sheet as of Jun 2026
- Agripac Sa $523 M Balance sheet as of Jun 2026
- Aceria del Ecuador Ca Adelca. $492.3 M Balance sheet as of Jun 2026
- Distribuidora Farmaceutica Ecuatoriana (Difare) S.A. $486.8 M Balance sheet as of Jun 2026
How to read these figures
Source: the balance sheets that registered entities file with the public securities market registry of the Superintendencia de Compañías, Valores y Seguros. Issuers report every year and every semester; brokerage houses, managers, funds and fiduciary businesses, every month. The processed archive runs from December 2014 to July 2026.
From each balance sheet the main accounts are used (assets, liabilities and equity) and, for issuers, the period's income statement: ordinary revenue and net profit, which the semiannual cutoff also includes. Out of scope: memorandum accounts (control records that are neither assets nor liabilities) and the annexes of intra-group operations. In the latest month, every balance sheet's assets square with its liabilities plus equity to the cent, no exceptions. The archive carries 77,243 accounts filed more than once, between entities with double files and re-filed balance sheets: the last filing is kept, which is the corrected one when there is more than one. Another 782 unreadable records from old years are discarded, out of 16,612,675 processed.
Entities are named because the registry is a public roster of market participants, just like the corporate directory. Balance sheets with future dates (openings of freshly registered entities) stay out, and public institutions registered as managers are always presented apart from the private ones.
Information from the public securities market registry of Ecuador · where this data comes from