Italy’s financial adviser networks post €1.3bn in July – Assoreti

Italian networks of financial advisers have posted lower inflows in July compared with the previous month, with asset management products scoring highest inflows.

According to the industry association Assoreti’s report, Italy’s networks of financial advisers have posted total net inflows of €1.3bn in July, against €1.6bn in June.

At the same time, asset management products’ activity has increased by 29% compared with June, coming to a total net value of €1.7bn. Conversely, administered products have seen a negative result of €411m.

64.8% of inflows in asset management products came from the distribution of OICRs’ (collective asset management investment tools, including SGRs and Sicav) direct shares, with net investments above €1.1bn.

Foreign funds saw the highest inflows, with a substantial balance between traditional common funds (€594m) and funds of funds (€560m). Among foreign funds, flexible products saw the highest inflows, with €56, while balanced and stock products saw inflows of €244m and €218m respectively.

Among the banks, Azimut Group posted the highest inflows with €269,654, followed by Banca Mediolanum with €231,439 and Allianz Bank Financial Advisors with €222,947.

At the end of July, the official number of financial advisers working for Assoreti’s networks was of 21,726, 93% of total sector’s workforce in the country, the industry association’s report said.

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