In July the Italian industry of managed savings registered one funding of 6,327 billion, a clear improvement compared to 2,537 billion in June. The figure thus grew for the sixth consecutive month, bringing assets beyond the record level of 1.269 billion euro. These are the preliminary estimates released today by Assogestioni.
The positive trend is primarily attributable to open funds and institutional mandates. In particular, collective management raised 3,6 billion euro, with assets that at the end of the month were worth more than 568 billion, 45% of total assets under management.
Interest in fixed income investing products, which raised €584m in July, has recently declined as returns have diminished. The hunt for yield in July promotes cash redemptions (-65 million) and share subscriptions (approximately 740 million) even in an annual scenario that sees liquidity funds in surplus for 1,345 billion and those investing in stock exchanges in the red for 19 million.
Lastly, with funding of almost 1,3 billion, Italian-law funds confirm themselves as an option that is making headway among savers again after a long period of disaffection in favor of foreign funds (+2,2 billion in funding in July ).
