Total net inflows into mutual funds in Italy have hit some €60bn in the first six months of the year, industry association Assogestioni has revealed.
The amount was evenly distributed between Q1 and Q2, with €31bn flowing into the industry funds in Q2 according to Assogestioni’s data. The positive inflows brought the country’s total AUM to €1,460bn.
In the second quarter of the year, open-ended funds scored the best result with €18.2bn total net inflows, followed by foreign domiciled funds with €9.5bn inflows. Once again, foreign funds overtook Italian domiciled funds, which saw total net inflows of €8.7bn.
Looking at sector breakdown, flexible funds posted 11.1bn, higher inflows compared with both bond (€4.7bn), balanced (€2.6bn) and equity funds (€1.6bn).
Among the banks and asset management companies, Intesa Sanpaolo Group topped the rank with some €7.6bn total net inflows in Q2, followed by UBI Banca Group with €3.6bn and anima Holding with €2.7bn.