Eurizon, the asset management company of the Intesa Sanpaolo group, announces that it closed the first half with a assets under management of 311 billion euros, up 4% over the same period last year.
The consolidated net profit (including the profit pertaining to minority interests) amounted to 237 million euros, down 1,9% year-on-year. Excluding the extraordinary contribution deriving from the sale of Allfunds Bank (which impacted the profit for the first half of 1 for 2017 million euro), the net result to date shows growth of 25,3%.
The commission margin reaches 360 million, up 12% on the same period of the previous year, while the cost/income ratio stands at 21%.
Net inflows for the six-month period amounted to 3,6 billion euro. The major contribution comes from open funds on which Eurizon ranks first in Italy with net flows of over 4,3 billion according to Assogestioni data. Particularly noteworthy are the flexible funds on which the majority of the company's funding continues to be concentrated (+5 billion in the six-month period).
During the second quarter, the data remained positive for around 300 million, despite the outflows of recent months due to the uncertainty that emerged on almost all asset classes, albeit with different intensity and timing. In particular, even in the last three months flexible funds have made the greatest contribution with 1,9 billion in net inflows, over 70% of funding in Italy on this category of funds.
The fund growth trend continues Pir who have been making a collection since the beginning of the year of 570 million at the end of June. The Aum thus reach 2,25 billion, to which must be added the over 500 million on solutions for institutional customers.
“The results achieved in the first half confirm the solidity of our reality – he comments Tommaso Corcos, Chief Executive Officer of Eurizon – despite the uncertainties and difficulties on the financial markets having had a significant impact on the asset management sector. The company's commitment to achieving important growth objectives is confirmed to be high both in Italy and abroad”.
