Italy’s networks of advisers post €1.3bn in October – Assoreti
63% of total net inflows to asset management investment tools (OICRs) came from the networks of financial advisers across the country, industry association Assoreti has revealed.
After the decline of September, volumes returned to grow in October, with 94% of total net inflows coming from asset management products, which registered total net worth of €1.2bn by the end of the month. The remaining 6% is invested in administered products, for a positive result of €81m.
Foreign domiciled asset management investment tools (OICRs) posted €652m, €183m of which in traditional funds and €432m in funds of funds.
Italy’s networks of financial advisers’ contribution to flows into open OICRs was above €1bn, equal to 62.6% of total net inflows to the sector (€1.6bn).
Banca Mediolanum topped the list with a contribution of €445.8m, followed by the Azimut Group, which posted some €306m. Banca Generali and Fineco Bank also posted a consistent amount of inflows with some €160m and some €123m respectively.
Still negative, but better compared with previous months, Banca Monte dei Paschi’s result, which saw outflows of about €29m.
At the end of October, the number of advisers working within the networks analysed by Assoreti were 21,402.