Eurizon, the asset management company of the Intesa Sanpaolo group, has published its accounts for the first nine months of 2020, closed with a consolidated net profit of 326,4 million euro, a commission margin of 528,2 million and a cost/income ratio of 20%.
Il managed assets reached 334,5 billion euros, up 2% in the quarter and 2,5% compared to 30 September 2019.
In the third quarter net collection amounted to 1,9 billion, thanks above all to open-ended funds which recorded net inflows of 1,2 billion, with the greatest contribution coming from bonds (+2 billion euro), followed by equities (+1 billion) and balanced (+895 million). Flows on flexible and monetary flows were negative, respectively for 1,7 and 1 billion euro.
Through a note, the company underlines the strong appreciation “for the Eurizon Next range which since its departure (June 30) has recorded a collection of 2,8 billion. The range of products dedicated to customers of the Banca dei Territori Division of Intesa Sanpaolo consists of 12 Luxembourg mutual funds, diversified by investment strategies, risk profiles and management teams, and forms part of the personalized, competent advisory service and transparency of the placer, with the aim of seizing the opportunities of the markets”.
Also contributing to the positive results recorded in the third quarter are portfolio management of institutional customers, with over 1 billion in net inflows.
Since the beginning of 2020, total funding has stood at 804 million euros. Also in this case, the greatest contribution comes from open-ended funds which in the nine months recorded new net subscriptions of approximately 1,9 billion.
“On the foreign front, the development trend continues in China where the assets of Penghua Fund Management (49% owned) reach 99 billion euro, up by more than 20% since the beginning of the year, and inflows over the 9 months exceed the 12 billion euros. The total AUM managed by Eurizon thus reaches over 433 billion. The Eastern European HUB, which includes the three companies Eurizon Asset Management Slovakia, CIB IFM and PBZ Invest, recorded a 4,4% growth in assets during the quarter, reaching 3,4 billion euro”, Eurizon said.
The company also underlines that, since 9 November, the subsidiary in Hong Kong has changed its name to Eurizon Capital Asia LTD "confirming the objective of strengthening Eurizon's presence in the East".
"We are satisfied with the results achieved thanks to the intense work carried out by all Eurizon colleagues in an unprecedented emergency context", declared Saverio Perissinotto, CEO of Eurizon, who adds "The contribution of our commercial partners was also extraordinary, demonstrating as always a high level of professionalism and a spirit of collaboration, both the internal structures of the Group, from the Banca dei Territori network to the Private Banking and Insurance Divisions, and other distribution networks as well as institutional customers. I am firmly convinced that team spirit is essential for building results both on the management and on the commercial fronts”. Saverio Perissinotto concludes “We are preparing to face months full of projects and new challenges on which we are proceeding in close synergy with the Group. In fact, we have just launched the marketing of the first Eurizon fund on the UBI network and at the same time we are in dialogue with colleagues from Pramerica to bring the two asset management structures ever closer together".
