June still negative for the Italian asset management industry
Italy’s asset management industry recorded €4.65bn outflows in June, with outflows since the beginning of the year at €10.12bn, according to data published today by Assogestioni, the association of Italian asset managers.
Assogestioni reported negative outflows both for portolio management (€2.75bn) and for collective management (€1.9bn).
Bond funds recorded a positive performance in June, with inflows of about €500m during the month, and €8.1bn during the first quarter.
The performance was instead negative for equity funds (€767m outflows) and money funds (€621m outflows).
Both categories reported consistent outflows during the first semester.
Flows were also negative for Italian funds, which currently weight for 33.7% of open funds.
Most Italian asset managers reported outflows during the month: Intesa Sanpaolo (€1.58bn), Pioneer Investments (€1bn) and Mediolanum (€177m)
Assets under management were €954.25bn at the end of June.