Italy’s asset management industry back to negative flows in October, Assogestioni
The Italian asset management industry posted €1.9bn outflows in October, following positive data in August and September, according to data released by Italy’s industry association Assogestioni.
At the end of October, asset managers in the country had €1182bn asset under management, 56% of which allocated to portfolio management and 44% to collective management.
During the month, flows were positive for bond funds, which posted €1.1bn inflows. Flexible funds attracted €278m and balanced funds €60m. Inflows to bond funds reached €18.3bn since the beginning of the year.
Meanwhile, open funds saw outflows for €635m, following €1.3bn outflows from money market funds.
The €189bn increase in the assets managed by the industry was mainly related to the reorganization of asset management activities of Generali Group, effective October 1, Assogestioni added.