Assogestioni on 2013: Italy’s AM industry poised for stability and growth
Just before the end of 2012, Italy’s asset management industry managed to invert the negative outflows trend which marked most of the year, posting about €1bn inflows in November.
According to the data released monthly by industry association Assogestioni, November was the fourth month of the year in which flows were positive, after March, August and September, suggesting that the industry is slowly moving towards a balance.
In a recent interview with the Italian press, Domenico Siniscalco, chairman at the association, said that having reached €1200bn under management, a record since 2007, the industry is poised for further growth in 2013, in particular if domestic retail investors will value and adopt a long term investment strategy based on a tailored use of mutual funds.
Between August and November, mutual funds posted €3.2bn inflows, and this asset class is driving the positive outlook change.
According to Assogestioni, which is getting ready to host its annual asset management event “Salone del Risparmio” in April, industry players will be faced with two main challenges in 2013: strengthening the relationship between saving and investments and educating Italian investors on developing a pension plan.
Moreover, the renewed outlook of stability and confidence will have to be consolidated through a further development of “individual saving plans” (piani individuali di risparmio), as introduced by a draft law which is waiting to be ratified.
Meanwhile, Assogestioni defines the relationship between saving and investments as an “open construction side”.
The €1200bn assets managed by the industry need to be channelled on projects of development, and the association called for an intervention of the government which will be formed in February on the topic.
Finally, in October Generali, one of the main players in the market, completed the merger between assets managed in Germany and France, with a substantial increase in the overall volume.
For the first time for an Italian player, in order to move assets to Italy Generali relied on new provisions introduced by the European passport regulation.