Eurizon Capital, the asset management arm of Intesa Sanpaolo, posted Q3 net inflows of around €3.6bn, the highest in Italy’s fund industry according to Assogestioni data.
The third quarter data confirms Eurizon’s leading position in terms of inflows since the beginning of the year with more than €12bn overall, the Italian asset manager said in its latest earnings results.
In particular, Eurizon registered around €8bn of inflows on mutual funds in the first nine months of the year (of which €2.8bn were recorded in Q3), equal to more than one third of the entire industry in Italy.
The increase in inflows is mainly driven by flexible funds, which attracted €6bn during the period, and also by fixed-income funds, which registered €2.8bn of sales.
Institutional individual portfolios also brought about a strong contribution with volumes of more than €7bn since the beginning of the year (€1.26bn in Q3).
In regards to institutional clients, Eurizon highlighted the renewal of the mandate of “Cometa” pension fund to Eurizon Capital SGR, the only Italian company to be selected, as the Italian asset manager noted the contribution from the international channel “is becoming more and more relevant”.
In China, Penghua continues to register consistent inflows: €6.6bn during the quarter and €18.6bn since the beginning of the year, equally split between individual portfolios and mutual funds.
Considering also AUM coming from the Chinese partnership, which amounted to €78.4bn at the end of September, the total assets of Eurizon Capital exceed €362bn. Excluding the Penghua partnership, Eurizon registered €284bn at the end of September, which represents an increase of 6.4% since the beginning of 2016.
The presence in China is going to be strengthened by a new entity constituted throughout the quarter: Yi Tsai, a wealth management company referring to the Intesa Sanpaolo group, whose 20% stake will be held by Eurizon.
Turning to Europe, the hub of Eastern European countries, with assets of €3.4bn at the end of September, registered €129m of net inflows since the beginning of the year, €91m in the last quarter, thanks to the contribution of its entities: the Slovakian VUB AM, the Hungarian CIB IFM and the Croatian PBZ Invest.
Since 4 July the London-based company Eurizon SLJ Capital LTD has been part of Eurizon’s scope with AUM of €8.2bn at the end of September, including management mandates and advisory services.