Eurizon, the asset management company of the Intesa Sanpaolo group specialized in the management of products and services for retail and institutional customers, has approved the results as at 30 June 2020. The value of assets under management reaches around 328 billion euro, up by 5 % compared to the first quarter of 2020 and by 4% compared to 30 June 2019. In terms of economic data since the beginning of the year, the consolidated net profit (including minority interests) amounted to 211,7 million euro and the commission margin of 343,5 million. Confirmed the high levels of efficiency with a cost/income ratio of 20%.
Net inflows in the second quarter amounted to 2,4 billion, thanks above all to the contribution of open-ended funds, which recorded net inflows of 3,2 billion. Particularly positive was the contribution of equity funds with 2,2 billion, followed by flexible funds and bond funds, with deposits of 830 million and 695 million respectively. Since the beginning of the year, the negative data on total net inflows has decreased, which stands at around -1,4 billion (from -3,8 billion in the first quarter), while flows on open-ended funds pass into positive territory for 686 million.
The growth trend continues abroad, particularly in Asia, where Penghua Fund Management (49% owned) has recorded funding of over 10 billion euro since the beginning of the year and a 16% growth in assets exceeding 95 billion euros, thus bringing the total AUM managed by Eurizon to 423 billion. With a Chinese market share of around 3%, Penghua ranks among the top 10 local operators
. The success in China is recognized by the research “The top 25 foreign firms in China” which shows how Eurizon ranks 15th globally and is the only Italian company among the top 25 foreign asset managers.
In June, the structure of the Hong Kong subsidiary was strengthened with the entry of a highly professional team with many years of experience. The strengthening of Eurizon Capital (HK) Limited is aimed at further accelerating business expansion in Asia and developing the local reality as a center of excellence in investments in Asian emerging markets as well as enhancing the expertise in Chinese equities.
In terms of product innovation, the marketing of Eurizon Next was launched: the new range dedicated to customers of the Banca dei Territori Division of Intesa Sanpaolo, made up of 12 Luxembourg mutual funds diversified by investment strategies (flexible and balanced), profiles and management team, a system of funds that forms part of the personalized, competent and transparent consultancy service of the distributor, with the aim of seizing market opportunities.
Furthermore, the offer of new solutions intended for protection and
redevelopment of liquidity and instruments with gradual investment in equity. Eurizon confirms its commitment to investments in support of the real economy with new initiatives, currently under development, responding to the characteristics of alternative PIRs, which move on two fronts simultaneously: the creation of an ELTIF investment fund, which will be managed by a consolidated team with in-depth knowledge of the Italian market, and a non-confidential closed-end AIF of the subsidiary Eurizon Capital Real Asset, the new SGR dedicated to the selection of private equity, private debt, real estate and infrastructure funds which currently manages almost 4 billion of Euro.
On the corporate governance front, in the first six months of the year Eurizon took part in 95 shareholders' meetings of selected companies with shares listed on the Italian Stock Exchange (65%) and on international markets (35%). Furthermore, in the same period, the SGR conducted around 240 engagements with 178 issuing companies, of which 20% dedicated to ESG issues. Eurizon maintains its leadership in Italy in ESG investments, according to the latest data from Assogestioni, with assets of 8,2 billion euro, a range of offers of 38 products and a market share of 27%.
“In the quarter that has just ended – he commented Saverio Perissinotto, Chief Executive Officer of Eurizon – we continued along the path of strengthening the Eurizon brand abroad as well as consolidating our position in Italy, the result of constant cooperation with the Intesa Sanpaolo Group network, third-party networks and institutional customers”.
