Italy’s asset management industry reached total AUM of €1,480bn in July, hitting new record levels, according to industry association Assogestioni.
Total net inflows for the month were of €15.3bn, +€75.7bn since the start of the year.
The positive result was led by open-ended funds, which posted total net inflows of €11.2bn.
Institutional mandates brought positive flows of €2.9bn, while retail portfolio management saw inflows of €658m.
Assogestioni also said that 54.2% of total AUM (€802bn) is invested in portfolio management; while 45.8% (€667bn) is in collective management.
Looking in detail at asset management firms, Intesa Sanpaolo Group, Pioneer Investments and Poste Italiane led the positive performance by posting some €5bn, €2bn and €964m respectively.