AM products drive advisers’ success in Italy
Italy’s networks of advisers posted €3bn net inflows into asset management products in July, industry association Assoreti has revealed.
The result was 4% up from previous month as well as the best result since January 2010.
However, total net inflows contracted by 13.8% compared with June, coming in at a total of €2.2bn. According to Assoreti, the highest outflows were registered in liquidity (-€839m); administered products (-€823m) and debt securities (-€396m).
The positive result from the asset management sector was driven by insurance products, which posted alone total net inflows of €1.7bn, +47.1% compared with June. Providing a more specific sector breakdown, Assoreti said that unit linked posted net inflows of €1.4bn while net premium on traditional insurance policies gained €330m.
OICRs (Italian law regulated Sicavs and mutual funds) posted total net inflows of €874m (-18.9%). Foreign domiciled OICRs posted significantly higher inflows than Italian ones, €715m against €161m.