Italy’s AM industry posted €65bn net inflows in 2013
The country’s asset management industry held total net capital of €1,331bn at the end of the year, industry association Assogestioni revealed.
The result was the best since 1999, the association also said. Mutual funds dominated the scene with the sixth consecutive quarter of positive inflows for total subscriptions of €52.9bn since the beginning of the year.
However, December was a negative month for the industry, which saw outflows of €0.5bn. Mutual funds posted total net inflows of €2.8bn bringing their total capital worth to €560bn, 70% of which are invested in foreign-domiciled products.
Foreign-domiciled funds posted total net inflows of €37bn throughout the year. Within different categories, flexible funds showed the best results, with total net inflows of €1.8bn in December and of €28bn since the beginning of 2013.
Bond, balanced and equity funds followed with positive inflows of €12.8bn, €6.3bn and €4.6bn throughout the year.
Portfolio management saw negative flows in December (-€3.4bn), but had overall positive results for the year (+€16bn).