The last month of 2018 closed with positive net inflows for the networks of financial advisors authorized for door-to-door selling: the figure released by Assoreti is equal to 2,6 billion euros with an increase of 33% compared to the month of November. In the full year, on the other hand, 2018 total net inflows reached 30 billion euros: the fourth best result ever achieved by the networks, albeit down by 23,4% compared to the record 2017. In December, the breakdown by macro segment showed net investments in assets under management of 1,4 billion euro, a value which more than doubled compared to November, while the monthly balance on the administered segment was positive by 1,2 billion euro, below the boost from investments in financial instruments (1,5 billion) partly offset by the outflow of liquidity (-314 million).
In the area of managed savings, net inflows achieved through the direct distribution of UCI units returned to being positive by 462 million euro; investments mainly involve closed-end securities funds (400 million) while funding from open funds is positive for 62 million. The insurance/pension sector is also growing, with net premiums of 1,0 billion euro (+26,7% compared to November), while changes in individual portfolio management continue to record, overall, the prevalence of sales (-31 million euro), albeit to a lesser extent than the previous month.
Il overall contribution of the networks to the system of open UCITS (collective investment undertakings), through the direct and indirect distribution of units, therefore amounts to 814 million euro and compares with the outflow of resources achieved overall by the other distribution channels (- 2,4 billion euros). At the group level however, Fideuram (Fideuram, Intesa Sanpaolo Private Banking and Sanpaolo Invest SIM) is still in first place in the ranking. In December, it raised over 180 million euro and, since the beginning of 2018, it has raised over 9,2 billion euro (of which 3,3 from assets under management).
“It is a decidedly positive result – he commented Paolo Molesini, President of the Association and Chief Executive Officer of Fideuram – Intesa Sanpaolo Private Banking – achieved in a particularly difficult year for the financial markets. Once again, the network system confirmed itself as solid and well structured, concentrated on providing the financial advisory service characterized by high quality standards, which take on even more importance precisely in the phases of greatest volatility. The system has proven to be flexible and responsive to the needs of savers; this ability has allowed him not only to achieve significant collection volumes, but also to win the trust of new customers who have felt the need to be followed with competence and professionalism in a period of market discontinuity”.
