Italy’s Mediolanum posts 13% increase in net inflows
Italy’s Banca Mediolanum posted a 13% year-on-year increase in net inflows to its asset management business at the end of the quarter, with €1.98bn inflows during the period.
Presenting the Q3 results of the group, Mediolanum said its asset management business currently has €50.8bn assets under management, and 4366 financial advisers across Italy.
Meanwhile, the bank will offer this year the lowest dividend payout ratio in its history, with an interim dividend of 0.10 euros a share, according to chief executive and founder Ennio Doris (pictured).
Net profit in the period stood at €291.5m, partly hit by a writedown Mediolanum took on its stake in investment bank Mediobanca.
In 2011 Mediolanum’s profits were severely hit by writedowns on Greek bonds and other assets.