Italy’s Banca Generali posts 80% increase in Q3 inflows
Italy’s asset manager Banca Generali posted a 80% increase in inflows to its assets under management at the end of September 2012, with €1.362bn assets managed at the end of the quarter.
SICAV and portfolio management products attracted €174m net inflows in Q3, up from €65m during the previous quarter.
About 70% of assets managed by the group are currently invested in BG Selection, a Luxembourg based SICAV managed by third-party asset managers.
During a call with investors, the bank also confirmed a recruitment strategy to its network.
In the first 9 months of the year, Banca Generali hired 40 professionals, with average portfolio of €15m, and more hires will be confirmed over the next months.
Banca Generali is Italy’s fourth player by net inflows, after Mediolanum, Banca Fideuram and Fineco.
Click here to read an interview with chief executive Piermario Motta.