Italy's Banca Generali posted €95m net inflows in August, with total net inflows at €1.259bn since the start of the year, of which €859m gathered by the bank's network and €400m by Banca Generali Private Banking.
Italy’s Banca Generali posted €95m net inflows in August, with total net inflows at €1.259bn since the start of the year, of which €859m gathered by the bank’s network and €400m by Banca Generali Private Banking.
“Despite the decline in business typical of the period, last month continued to witness extremely positive inflows, especially in the managed component, which saw an increase in inflows to €119m from €115m for the previous month,” the bank said in a statement.
Inflows of managed assets reached €877m since the beginning of the year, up by 44% compared to the same period of 2011.
Inflows referred mainly to funds and SICAVs, with €78m compared to €35m in July. Banca Generali reported further intensification of the shift of savings away from assets under administration and into managed products, which the networks are actively promoting in order to diversify risk and seize investment opportunities on the markets.
“The marked growth in volumes is also associated with a significant improvement in the quality of the inflow mix, with a sharp increase in funds and asset management products, bearing further witness to clients’ attentiveness to the proposed diversification dynamics of their portfolios,” said Piermario Motta (pictured), chief executive at the bank.
Meanwhile, Banca Generali’s parent company Assicurazioni Generali recently announced a broad management reshuffle, following the appointment in August of Mario Greco as chief executive.
Generali appointed Alberto Minali as chief financial officer, replacing Raffaele Agrusti who will take on the role of country manager for Italy. Agrusti will be tasked with reorganizing Italian operations in order to raise profitability and competitiveness in the Italian market.
Minali is currently heading a capital management company he founded, but started his career at Generali.
Paolo Vagnone, who joined the company in 2011 as a general manager and country manager for Italy will head a project of development of the global commercial and corporate business.
The insurer said these appointments are the first step in a wider restructuring plan, aimed at generating growth and profitability.
Details on the restructuring plan devised by Greco are expected to be outlined on November 9, when the group will post its Q3 results.
According to press reports, the new chief executive will change the organisational structure, as well as management processes and portfolio of activities.