May remains negative for the Italian asset management industry
In May, the Italian asset management industry recorded negative ouflows for €1.15bn, according to data published today by Assogestioni, the association of Italian asset managers.
The negative performance during the month follows outflows of €1.3bn in April.
Open-end funds weighted heavily on the performance, with €1bn outflows for these products.
Equity funds lost €1.09bn of assets and inflows for the asset class were at €0.8bn.
Closed funds recorded positive flows for €581m, Assogestioni said.
At the end of May, assets under management for the Italian industry were at €950.9bn against €966.7bn at the end of April.
Net outflows were €853m for Intesa SanPaolo, €505,4m for Generali and €297,5m for Pioneer Investments. Highest inflows have been reported by Axa €242m and Amundi €332m.