Eurizon, the asset management company of Intesa Sanpaolo, closed the first half with assets that for the first time exceeded the threshold of 300 billion euro – at 374,3 billion, including the 74 billion euro of Penghua in China – up 4% compared to the 290 billion euro at the end of 2016 and 9% compared to the 276 billion of June 30, 2016.
THEconsolidated net profit (including minority interests) reached 241,8 million euro, up 32% on an annual basis. The commission margin amounted to 321,9 million, with an increase of 23% compared to the first half of the previous year.
I net flows since the beginning of the year at the end of June they were positive for 9,7 billion euro thanks above all to the contribution of mutual funds which place Eurizon in first place in Italy for inflows in the period according to Assogestioni data. Inflows during the half year were mainly concentrated on bond funds with 5,5 billion and on flexible with 3,9 billion euros. Also positive i balanced funds and equities, While funds recorded negative net flows of 1,3 billion euro.
With regard to European holdings, the assets of Eurizon SLJ Capital LTD amount to around 8 billion euro, including management mandates and advisory services, while that of the HUB on Eastern European countries is confirmed at around 3,6 billion euro, with raised 21 million euros.
From the beginning of the year to the end of June they were launched 53 new products: 46 Italian funds and 7 Luxembourg sub-funds, aimed at both institutional clients and the retail world.
Also the Pir range it expanded by adding the Eurizon PIR Italia range (in which a balanced bond fund and an equity fund operate) to the three Eurizon Progetto Italia funds, with increasing equity exposure (20%, 40%, 70%). To these retail products are added the solutions for institutional customers that comply with the legislation on tax benefits.
At the end of June, overall, Eurizon's PIR portfolios reached €1,2 billion in funding, consisting of almost €1 billion in retail funds and the remainder in solutions for institutional customers.
