Banca Mediolanum dominates financial advisers’ sector in December
Italy’s networks of financial advisers posted total net inflows of €16.6bn in 2013,39% up vs 2012, industry association Assoreti revealed.
Asset management products attracted €20.5bn throughout the year, up 72% compared to 2012, the best result in 13 years, Assoreti also highlighted.
Administered products saw instead outflows of some €4bn, against only €52m in 2012.
Total net inflows to asset management investment tools (OICRs) was of €12bn, against €6.8bn in 2012, the majority of which went into foreign domiciled products (€12.2bn). Funds of funds attracted €6.4bn of total inflows, versus €1.8bn in 2012.
Italian domiciled open-ended OICRs saw net losses of €67.3bn, slightly better than 2012 (-€1.3bn) and of €131m from speculative funds.
Insurance products also increased their capital with total net inflows of some €8bn, mostly concentrated in unit linked products, which saw net inflows of €6.7bn.
Among the banks in December, Banca Mediolanum dominated the scene with total net inflows of €572.5m, €413.3m of which came from asset management products. Allianz Bank followed closely with €398.2m total net inflows in December. The Azimut Group came third, with total net inflows of €263.1m.