Eurizon sees assets up; forms new AM firm in UK

Eurizon Capital’s assets under management stood at €276bn at the end of June 2016, Intesa Sanpaolo’s asset manager has revealed.

The result represents a 3.5% increase since the beginning of 2016, thanks to positive and significant inflows with respect to the market, the group said.

Net inflows exceeded €8.5bn. This result, achieved in a period characterised by uncertainty and volatility on the markets, makes the company the leader in Italy in
terms of net inflows in the first half of the year according to Assogestioni data.

In particular, it stands out with respect to its competitors in terms of mutual funds, thanks to almost €5.3bn of inflows, concentrated above all on flexible products (€3.6bn) and bond funds (€2.3bn).

In Q2, Eurizon posted a 1.3% net income decrease to €89m, versus €90m in Q1 2016. The asset manger recorded net income of €179m in the first half of 2016, a drop of 19.7% versus €223m in H1 2015.

Consolidated net income (inclusive of minority interests) was €183.8n in H1 2016, deriving from a commission margin of €261.2m, the asset manager said.

New AM firm

As part of its international development process, the partnership with the London-based company SLJ Macro Partners was finalised during the period, with the establishment, on 4 July, of Eurizon SLJ Capital, an asset management company with a particular focus on currency management and macroeconomic research.

At the end of June, the company reached approximately €8bn in assets thanks to management mandates and advisory services, Eurizon said.

Eurizon highlighted results of the Chinese company Penghua, in which the Italian asset manager holds a 49% stake. Penghua was also able to catch market trends with a proactive approach, ending the period with net inflows of €12bn.

The Italian asset manager said it continues to invest in product innovation by extending its product range: in the first half of the year it launched 31 Italian funds and 10 Luxembourg sub-funds.

“In the first half of the year we confirmed our leadership in Italy in terms of inflows, reaffirming our ability to compete even at the European level,” said Tommaso Corcos, Eurizon’s CEO.

“The commitment to strengthen our presence on international markets has led to the establishment of a joint venture in London, which we believe is an area where there are many talented people such as Stephen Li Jen and Fatih Yilmaz, with whom we created Eurizon SLJ Capital,”  Corcos said.

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