Intesa Sanpaolo AUM inflows rise in April

The asset management division of Intesa Sanpaolo, Italy’s largest domestic lender, has seen a sharp rise of its net inflows in April, which reached around €2bn, thanks to improving market conditions.

Last month’s inflows almost doubled the figure for the entire first quarter, largely due to deposits being switched into AUM, Intesa Sanpaolo said.

This switch is expected to accelerate further thanks to the launch, scheduled for May, of a range of new mutual funds designed to minimise the risks deriving from market volatility, the banking group said.

The gradual stabilisation of financial markets led to a recovery in assets under management in March, reflected in a net inflow into AUM of around €1bn for the first quarter of 2016, relating mainly to insurance products.

The trend of the net inflow in Q1 2016 was also affected by the limited amount of the group’s retail bonds coming to maturity: only €1bn, compared with €2bn in Q4 2015 and €10bn in Q1 2015.

Depressed assets under management in both January and February in the context of high market volatility led to a 30.3% drop in the net income of Intesa Sanpaolo’s asset management division to €90m, versus €129m in Q4 2015. The decrease was 4.2% year-on-year.

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