Italy’s networks of advisers posted €2.5bn in June
Italy’s networks of financial advisers posted positive net inflows of €2.5bn in June (+34.3% from May), €2.9bn of which went into asset management products (41.6% from May), industry association Assoreti revealed. According to Assoreti, the increase of flows into asset management products was mainly due to insurance products, which posted €1.2bn in June, +58.5% compared with the previous month.
Flows into administered products were instead negative, coming at €386m, €177m less than in May. Total net inflows into directly distributed OICRs (Italian law Sicavs and mutual funds) were of €1.1bn (+5.8% from May). Flows into foreign-domiciled collective management exceeded those to Italian OICRs, posting €778m against €322m.
Assoreti also said that investments in single stocks has gone down by €1.2bn in June. Disinvestments mainly involved debt securities (-€1.1.bn) and, although in a smaller measure, equity stocks (-€187m). Liquidity was also positive at €818m.
Total volumes exchanged by adviser networks in Italy in June was of €8.9bn in the asset management segment; €9.6bn in intermediary services and €190m in stock transactions and other products and services.
Pictured: Marco Tofanelli, Assoreti’s Secretary General