Italy’s 2011 funds assets at €285bn, says Lipper

Assets in Italy’s funds sector amount to €284.8bn, the fourth largest in Europe after the UK, Germany and France, not counting the international funds (defined as a fund that sources less than 80% of its assets from a single country).

The bulk of Italy’s assets are in bonds (€127.9bn), historically the favoured investment vehicle for conservative Italian investors reliant on advice from their banks.

Bonds aside, Italian favour mixed asset funds (€56.8bn), with equities (€49.4bn) just ahead of money markets on €38.8bn.

Italy’s position is unchanged relative to its European peers over last year, though it masks the fact that Italy, along with the other Eurozone countries, suffered significant redemptions. Last year, Italy suffered the most redemptions in all of Europe (-€34.3bn), except for France (-€64.8bn) and just behind Germany (-€22.2bn).

In terms of assets in external funds of funds, Italy has €24.1bn, a market share of 9%. Italy booked external funds of funds sales of €1,557m (almost 20% of FoF sales), putting it fourth after the UK, cross-border and Sweden.

The biggest Italian financial services group by assets is Intesa Sanpaolo, whose range of 391 funds hold assets of €98.9bn. Its assets are managed mostly by its subsidiary Eurizon Capital and its private banking group Fideuram.

In the European context, Intesa counts as the 11th largest group operating in Europe in a list that is dominated by the US groups, BlackRock and JP Morgan. Intesa’s only rival is Pioneer Investments, with €76.6bn, a subsidiary of UniCredit, in 21st place. 

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