Italian asset flows finally turn positive

Assets under management have recorded a positive monthly performance for the first time in a year, according to the latest figures from Italian asset management association Assogestioni.

In March, net inflows of assets under management was €1.9bn, driven by an inflow of more than €2.4bn into pooled accounts.

The positive performance was driven by a renewed investors’ appetite, on the back of the steady decrease of the Btp-Bund spread during the month and improved investor sentiment in the Eurozone.

The combined effects of the more positive market outlook has increased the overall assets under management from €966bn to €973bn.

The data confirms a continued investor preference for foreign funds, which have attracted over €4.2bn during the month, accounting for 65% of the market.

The outlook for portfolio management is improved but still negative, which has halved the deficit outflow from the previous month to €494m.

Bond funds have recorded a strong performance with a positive inflow of €3.8bn, while flows have been negative for equity funds (€238m), balanced funds (€175m), flexible funds (€1bn) and hedge funds (€133m).

Franklin Templeton, Invesco and UBI Banca have registered strong performances, with positive inflows of €573m, €531m and €466m respectively.

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