General Bank recorded net inflows of €620 million in June, after €669 million in May, with a year-to-date balance at a new high of €3,82 billion, up 31% on the same period last year. And precisely "thanks to the solidity in the growth trend" the Banca del Leone revises upwards its net inflow expectations for 2017, bringing them to 5-5,5 billion euro, from the previous 4-4,5 billion. Assets managed and administered on behalf of customers as at 30 June 2017 were estimated at a total of 52 billion, with an increase of 9,5% from the beginning of the year. Assets in 70 are also estimated at 2021 billion euros. The indications come on the occasion of the MiFid Day organized in London by the bank, in relation to the new European legislation which will come into force in 2018.
In presenting your own strategy to 2021, Banca Generali expects a trend of continuous growth over the next three years with a boost from management fees, front and banking fees. Its investment products (financial containers and new sicav) are expected to reach a target of more than 30% of total assets under management, doubling from the current over 10 billion. The sustainability of the results – Banca Generali also indicates – is supported by the attention to the containment of operating costs and a further reduction in costs associated with growth. The bank underlines its intention to accelerate towards positioning itself as a 'private bank' (60% of total assets from customers >500k) by focusing on consultancy for asset protection, risk control and product diversification based on objectives, which anticipate guidelines of the Mifid 2 directive. Digital transformation is also among the cornerstones of the plan.
Returning to the June data, as specified in a note from the bank, inflows for the month were once again directed towards asset management and insurance products (621 million after 701 million in May), with a cumulative result since January of 3,4 billion (+102% on an annual basis), which is equivalent to 90% of the total new flows. More specifically, mutual funds recorded net inflows of €140 million in June, down from €253 million in May, while portfolio management came in at €274 million (from €253 million) and insurance totaled €207 million from 195 million. Non-managed savings recorded a negative balance of 1 million euro in June after -32 million in May.
In the first six months of the year, net fund inflows for Banca Generali totaled 979 million against -136 million in the same period of 2016. Portfolio management leapt to 1,47 billion from 286 million, while insurance totaled 986 million from 1,55 billion, bringing total assets under management from 3,43 billion in the first half of 1,7 to 2016 billion. For non-managed assets, the balance for the six months is 383 million from 1,2 billion. New insurance business in June was 313 million after 315 million in May and totaled 1,72 billion in the half-year from 2,1 billion in the first half of 2016.
