Confirmation of Intesa Sanpaolo's excellent momentum also comes from the quarterly report of Eurizon, the group's asset management and private banking company. As at 31 March 2021, the value of managed assets rose by 13,4% compared to a year earlier, reaching the level of 354 billion euros (+1,4% since the beginning of the year). Monster performance for the consolidated net profit, which rises by over 60% to reach 161 million euros. The commission margin was also very good, standing at 239,7 million (+37,4%), while the cost/income ratio reached 13,5%, down on the level of 19,8% at the end of March 2020 .
Eurizon's overall net inflows for the quarter amounted to 1,1 billion euro. The other European countries are increasingly contributing to this collection: in the first three months of 2021, net inflows outside international borders grew to 450 million euros. The company explains in a note that it stood out in particular for mutual fundraising, with 2,62 billion euros which place it at the top of the sector according to Assogestioni data, thanks above all to the contribution of equities at 1,57 billion and balanced funds at 1,45 billion. Portfolio management, on the other hand, recorded negative flows on both retail and institutional products for a total of 1,6 billion.
Still on the international front, there are important and positive news from Chinese subsidiary Penghua Fund Management (49% owned), which at the end of March reached a level of assets of 116,2 billion euro, up by over 13% since the beginning of the year and by 30,7% over twelve months, with net inflows in the quarter which exceeds 10 billion euros. And then there is the environmental commitment, through the issue of new ESG solutions. For example, within the offer of the Luxembourg fund Eurizon Fund there is now a fund that invests in corporate green bonds in euros, issued to finance projects related to the environment, and a multi-asset ESG solution.
“We are very satisfied with the results obtained in this first quarter of the year – he declared Saverio Perissinotto, Chief Executive Officer of Eurizon – thanks to the strong collaboration with the Intesa Sanpaolo Group networks, as well as with third-party distributors and with our institutional clients. But it is to the people of Eurizon that I extend my heartfelt thanks for the intense work carried out at all levels. A team of professionals who will soon be enriched by the integration with colleagues from Pramerica SGR, with whom we share values and team spirit and with whom we aim to become one big and strong reality.”
