Record inflows for Italy’s AM industry
Italy’s asset management industry is poised to end 2014 with historical record inflows as it has seen total net inflows hit €110bn since the start of the year.
Industry association Assogestioni has revealed that in October only mutual funds net sales reached €12.4bn, €7.4bn of which came from open-ended funds and the remaining €5bn from institutional mandates (€3.7bn pure institutional and €1.2bn retail).
The industry total AUM reached record level of €1,536bn, 54% of which is held in portfolio management and the remaining 46% in colelctive management.
Foreign domiciled funds keep attracting more inflows than domestic funds, posting sales of €4.3bn against €3.1bn.
Looking at a sector breakdown, Italian investors kept favouring bond funds in October (€3.6bn). However, flexible funds also scored a positive result of €2.3bn net inflows, followed by balanced funds (€899m); monetary funds (€483m) and equity funds (€260m).