April turns negative for Italian asset management, Assogestioni reports
The market reported a negative outflow of €1.3bn in April, despite a positive inflow of €2bn in March, according to Assogestioni, the association of Italian asset managers.
Outflows have affected both collective management (€681m) and portfolio management (€618m).
Assets under management were €967bn at the end of April.
Bond funds have been best performers, with an inflow of almost €1.6bn. April has been positive also for foreign funds, with a net inflow of €1bn. Foreign funds currently account for 66% of the open-end funds Italian market.
Highest inflows have been for Banco Popolare (€734m net inflow); Poste Italiane (€414.5m); Amundi (€270.5m); Franklin Templeton (€246.3m) and Gruppo Azimut (€122.1m).