Italy’s Banca Generali has started 2016 with a big recruitment push hiring 28 financial advisers in two months.
In terms of net inflows, the bank doubled them in February on an year-on-year basis posting €584m (+95%).
Over the first two months of the year, total net inflows surpassed €1.1bn, up 58% year-on-year.
In terms of products, financial market uncertainties drove attention towards more defensive managed solutions, such as insurance policies, Banca Generali said.
Beside traditional policies (€367m in February, €489m YTD), customers showed much interest in BG Stile Libero (€129m in February), as it combines a flexible and diversified financial market exposure to the guarantees of insurance segregated accounts.
However, mutual funds and managed portfolio saw outflows of €43m in February and a total of €94m between January and February.
In the first two months of 2015 the result had been positive, with total net inflows of €195m.
Banca Generali’s Chief Executive Officer, Piermario Motta (pictured), said: “February was yet another extraordinary month, not only in terms of overall results — marking a new record in the Bank’s history — but also because this performance was achieved in a highly critical market scenario.
“Our Bank’s solidity and professional financial advisors are key points of reference for households seeking reliable professionals who can support them, day after day, in protecting their investments.
“Thanks to our deep-rooted expertise and innovation ability, we are strongly confident that we can continue growing and gaining market share in the Italian asset management and private banking sectors.”