Inflows to the fund management sector in Italy in the fourth quarter of 2011 have dropped by €24bn to arrive at a total of just under €938bn, according to data from Assogestioni, the Italian fund management association.

Both segregated accounts and pooled funds have suffered from the uncertainty of the global markets, Assogestioni says. Segregated accounts have assets of €476bn, or 50.8% of the market, while pooled funds have €461.6bn, 49.2%.

But looking back over 2011, it is the foreign funds groups that present the more positive result. Italian funds houses have seen net outflows of €22.8bn, bringing their assets under management to €723.7bn, or 77.2% of the market. Foreign funds houses saw net outflows of less than €1.2bn, arriving at €214bn, or 22.8% of the market.

Gruppo Intesa Sanpaolo (comprising Eurizon Capital and Fideuram) remains the biggest fund manager with net total assets of €173.5bn (or 20.18% of the market), followed by Gruppo Generali (€138.15bn, or 16.07%, including their insurance assets) and Pioneer Investments (€92.77bn, or 10.79%).