Italy’s networks of advisers posted €1.5bn in November

Investments in asset management products have gone up by 14.4% compared with October, industry association Assoreti revealed.

Asset management products saw total net inflows of €1.6bn in November, 29.2% up from October; while administered products saw the highest outflows, with a negative result of €91m.

According to Assoreti’s data, 55% of inflows into asset management products went into direct shares of asset management investment tools (OICRs), which registered total net inflows of €882m, 48.2% up from the previous month.

The majority of investments were in foreign-domiciled funds, with a substantial balance between flows into traditional mutual funds (€400m) and funds of funds (€410m).

Foreign-domiciled funds posted net inflows of €464m against the €373m of equity funds and €303m of balanced funds. Italy-domiciled funds also saw a positive result, having a total worth of €18m at the end of the month.

As per gross inflows, Italy’s networks of financial advisers’ activity was worth some €7.2bn in November, Assoreti also revealed.

Banca Mediolanum topped the networks list once again with a contribution of €568.8m, followed by the Azimut Group, which posted some €275m. Fineco Bank, the Allianz Group and Banca Generali also posted a consistent amount of inflows with some €177m, €156m and €123m respectively.

Banca Monte dei Paschi di Siena (Mps) saw again outflows of about €29m.

At the end of November, the number of advisers working within the networks analysed by Assoreti were 21,418.


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