After the difficulties experienced in December, the collection of managed savings recovers in January. The balance of flows in the first month of 2017 is positive for 4,6 billion euros, a conspicuous improvement from the 595 million of the previous month.
Based on the monthly map by Assogestioni, however, managed assets are declining to 1.933,6 billion from the record of 1.943 billion at the end of 2016.
Collective management recovered, with net inflows of 5,7 billion from 1,28 billion in December, attributable for 5,67 billion to open funds and 32 million to closed-end funds. Portfolio management, on the other hand, saw an increase in outflows, with a negative balance of 1,07 billion after -688 million.
Retail was positive (+850 million after +17 million), but institutional management in January recorded -1,9 billion after -705 million in December. Among long-term funds, savers favored bonds (+2,03 billion after +2,07 billion) and balanced funds (+1,2 billion after +399 million), they regained interest in equities (+1 billion after +265m) and continued to pay moderate attention to flexibles (+332m after +207m). Finally, as regards money market funds, positive flows were recorded for 1,1 billion after the escape in December (-1,6 billion). As for nationality, Italian-registered funds recorded net inflows of +1 billion euro after -273 million in December. Foreign funds accelerated to +4,65 billion from +1,49 billion.
