Asset management in 2014 continued to show a very positive development trend. Assets in July 2014 reached a new high of 1.480 billion euro, a value of 11% higher than that of December 2013. In the first seven months of 2014, net inflows reached 75,7 billion, a higher value to that relating to the whole of 2013 (62 billion euro) which was already the best result since 1999.
The composition of assets under management shows a prevalence of portfolio management which hold a share of 54% against 46% attributable to mutual funds. In 2014, mutual funds drove the collection of managed savings. In the first seven months of the year, the net balance between subscriptions and redemptions amounted to 54 billion euro.
Observing the evolution of demand over a ten-year period, it is possible to observe some interesting phenomena. First, the first signs of a rapprochement with investing in funds. Between 2002 and 2005, the total subscribers of mutual funds had reached 9 million, to then drop to 5,4 million in 2012. In 2013, a trend reversal was recorded with an increase in subscribers which brought the number to 5,6 million. In 2013 the average age of fund investors rose to 58 years from an average of 52 in 2002. This forward shift appears to be linked to a lower participation of younger individuals and a greater older. Only 5,6% of young Italians aged between 26 and 35 invest in mutual funds. Among the subscription methods, around 70% prefer the single payment, compared with 20% who use savings plans (PAC) and 10% who use a mix of the two methods.
The average investment amounts to 26 thousand euros, however the distribution of the funds' assets shows a high concentration of subscribers with greater capital endowments. The top 10% of individuals by amount invested (about 500 subscribers) hold over half of total assets. Overall, 68% of assets are held by investors over the age of 56, while only 13% are held by subscribers under the age of 45. Approximately 65% reside in Northern Italy, 18% in the central regions, 12% in the South and 5,5% in the Islands.
