Banca Generali books inflows of €160m in February

Total net inflows of Banca Generali in February were €160m, of which €118 million gathered by the Banca Generali network and €42m by Banca Generali Private Banking. However, its asset management business continues to struggle.

Year to date, the Banca Generali network has gathered €266m, whereas Banca Generali Private Banking has gathered €139m. “The level of net inflows for February confirms the sustained growth trend shown by Banca Generali in the past few months,” Banca Generali said in a statement.

Since the beginning of the year, the inflow mix has been gradually shifting towards the managed assets component, says Banca Generali. The shift has been towards “defensive products, which are characterised by capital protected or capital guarantee solutions”. 

In the two months since its launch in January this year, the BG Più Italia policy, a guaranteed capital investment, mostly in government bonds, saw inflows of €302m in February. BG Target, a fund specialising in investments in emerging markets, booked inflows of €16m in February (€27m year-to-date).

Year-to-date, overall life new business booked €426m. But mutual funds saw net outflows of -€12m, down from the -€24m of January. Year-to-date, this equates to net outflows of €160m.

Data from Assogestioni, the Italian asset management association, shows Banca Generali had assets under management of €135.6bn, after outflows that month of €1.375bn. This makes Banca Generali the second biggest asset manager in Italy by assets, with a market share of 15%, after Gruppo Intesa Sanpaolo (23.7%), the parent company of asset managers Eurizon Capital and Fideuram 

Giorgio Girelli, chief executive of Banca Generali, said: “The February inflows once again marked a success for Banca Generali’s financial advisor network and show the bank’s ability to launch ever new investment solutions, which are welcomed by its clients.”

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