Italian investors favour fixed income

The Italian asset management industry last month registered an increase in assets, from €948bn to €966bn.

Assogestioni, the Italian fund management trade body, says the increase is due to a pick up in the markets but also to improved fund management performance. The increase is all the more notable because of outflows of €2.7bn from domestic funds.

Fixed income products and international funds performed best, in an otherwise bleak picture. Fixed income booked net inflows of €1.47bn, while equities saw net outflows of €679m and cash fund assets were down €1.58bn. International funds booked net inflows of  €596m, comparing well against the net outflows of domestic funds’ €2.27bn losses.

International fund managers continue to build their presence in the Italian asset management market. They now manage 64.7% of Italian assets (a share worth €280bn of assets), up from last month’s 64.3%, leaving domestic managers with 35.3% of the market.

Eurizon Capital, part of the Gruppo Intesa Sanpaolo, remains the biggest Italian manager by assets, with €165.8bn, equivalent to a 17.9% share of the market. Eurizon saw outflows of €887m. In the same group is Banca Fideuram, which has assets €51.7bn, or a 5.6% of the market, after outflows of €157m.

Second-placed is Gruppo Generali, headed by the insurance group Assicurazioni Generali, with assets of €142bn (or a 15.4% share of the market), after net inflows of €399m.

Third is Pioneer Investments, part of the Gruppo UniCredit, which has assets of €101.5, after net outflows of €632.8m, worth 11% of the market. Gruppo Mediolanum and AM Holding come fourth and fifth, with market shares of 4.4% (€41bn) and 3.9% (€36bn) respectively. 

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