Eurizon, the asset management company of the Intesa Sanpaolo Group specialized in the management of products and services for retail and institutional customers, closed the first quarter of 2019 with a managed assets up 2% compared to the previous three months to 309,6 billion euro.
THEconsolidated net profit is equal to 116,6 million euros, while the commission margin stands at 166,7 million euros.
Il cost/income ratio is 20% in line with the levels of the same period of 2018 and down compared to 21% as at 31 December 2018.
In the first three months of 2019 net collection was affected by the difficulties affecting the entire sector, recording a drop of over 3 billion euro. As regards ESG investments in Italy, according to the latest Assogestioni data in December 2018, Eurizon is the first SGR in Italy for sustainable and responsible funds, with assets of 5,619 billion euros and inflows of over 2 billion euros in 2018. At the end of March 2019, the trend continued to grow with a dedicated offer that reaches 25 products and an increase in assets of almost 6% to 5,94 billion euros.
From a geographical point of view, China is growing, with Penghua Fund Management (49% owned) which in the three months records inflows in euro of 6,86 billion, bringing the total assets managed by Eurizon to 397 billion euro. assets under management by the Shenzhen company reach 88 billion euros, up 17% from the beginning of the year. Assets managed in Eastern Europe are stable.
“During the quarter, attention to performance and the recovery of the markets – underlines Tommaso Corcos, Eurizon's managing director – made it possible to obtain positive results, even in the double-digit range, in the portfolios under management. We are confident that the continuation of this trend can lead us to achieve the objectives set for 2019". Corcos adds: "To address the difficulties that emerged already in 2018, the activity of our team was aimed at strengthening the commitment to offer new products and services to the various customer targets." The CEO concludes: “We continue to abide by ESG criteria because they are consistent with Eurizon's values, we will continue our commitment in this direction in Italy and abroad. We confirm our willingness to share the SGR's expertise at a European level in defining common rules on sustainability criteria. It is no coincidence that we are interlocutors of the EBA (European Banking Authority) and of the EBF (European Banking Federation) on sustainable finance issues and we chair the EBF working group on Dislocure”.
