The net funding achieved by the consultancy networks slows down compared to April but grows considerably compared to a year ago: according to the usual Assoreti survey, the figure in May rises by 23,3% y/y and brings the balance of the first five months of the year to be positive for 23,6 billion euro, with an increase of 25,1% compared to the same period of 2020. The clientele is also increasing.
The investment choices made in the month according to Assoreti favor asset management products which account for 62,5% of the resources raised for a value of 3,1 billion euro (+11,1% y/y; -25,0 % m/m) involving all macro product types. The administered component of the portfolio recorded flows of €1,9 billion (+50,7% y/y; +33,2% m/m), driven by liquidity (€1,7 billion) also as a result of the acquisition of new customers. The Fideuram – Intesa Sanpaolo Private Banking Group is first in the ranking of net collection, with 1,5 billion, and asset management, with 758 millions.
Over 47% of the net resources allocated to the managed portfolio component went to the insurance/pension sector recording growth of 66,1% y/y (-3,1% m/m) and net volumes of €1,5bn, concentrated between unit-linked policies (€892m) and multi-line policies (€522m). Net inflows from individual portfolio management schemes amounted to €450 million, up 3,8% y/y (-42,6% m/m); the boost to trend growth comes from asset management in funds (Gpf) with net investments of 574 million (+58,5 y/y), while individual securities management (Gpm) recorded the prevalence of sales for 124 million.
The direct distribution of units in mutual investment funds resulted in positive net volumes of €1,2 billion (-19,7% y/y; -35,7% m/m); it is confirmed preference for open UCITS governed by foreign law on which total net subscriptions exceeding 1,1 billion euro are made, with an orientation of investment decisions aimed at favoring collective equity management (901 million) and balanced (479 million). Net inflows from closed-end securities funds were positive, amounting to 177 million euro, while the balance sheet of Italian open-end funds remained negative (-117 million).
“In this phase of return to normality – comments Marco Tofanelli, Secretary General of the Association -, financial consultancy assumes a central role for Italians. The increase in customers (+19 thousand units) and the greater orientation towards managed investment solutions are proof of this. In the first five months of 2021, net resources placed in mutual funds, individual management and insurance/pension products reached 17,5 billion euro; this is a value that has tripled compared to what was achieved in the same period of 2020 and which is also higher than the net volumes of the first five months of 2017 (+11,1%), a record year for the Networks on managed savings".
