Italy’s open-ended funds halved sales in September
Italy’s asset management industry posted net inflows of €8.7bn in September, industry association Assogestioni has revealed.
Although the result brings total net inflows since the beginning of the year to €120bn, open-ended funds, which traditionally are the biggest source of income for the industry, slowed down significantly in September with €2.8bn net inflows against the €4.3bn registered in August.
Institutional mandates contributed to the total net inflows with €6bn net sales, Assogestioni also said. Total industry’s AUM reached €1,714bn in September, 52.4% of which is invested in portfolio management while the remaining 47.6% is in collective management.
Looking at the players’ market share, the Generali Group is still leading with €5bn total net inflows in September, followed by the Intesa Sanpaolo Group with €1.2bn net inflows, Pioneer Investments with €1.1bn and Poste Italiane with €580m.
Pictured: Giordano Lombardo, President of Assogestioni