Italy’s networks of advisers posted €1.3bn net inflows in September, down from €1.9bn in August.
As previously noted by asset management industry association Assogestioni, the slowdown was mainly driven by the significantly reduced level of inflows from collective types of investments, such as Sicavs.
Mutual funds posted €628m in September, less than half compared to August’s €1.3bn net inflows. Administered products remained positive instead with €720.8m up from August’s €561m.
Looking closely at direct distribution of mutual fund shares, Assoreti reported that net inflows were basically equal to zero. Total outflows of -€117.4m came from foreign and domestic funds, as well as hedge funds and closed-ended funds. However, those outflows were compensated by inflows into funds of funds, which came at €117m.
Stock investments remained positive with some €375m inflows, the majority of which were in equities, while bonds were reported to be in negative territories. Liquidity came at €346m in September, Assoreti also reported.