Eurizon asset management, the asset management company of the Intesa Sanpaolo group, has published its accounts for the first nine months of 2017, which show a net profit up 25% to 362,5 million euros compared to the same period of the 2016.
The commission margin reaches 496,7 million, up 22% compared to the nine months of the previous year. “These results are attributable, on the one hand, to a collection that places Eurizon at the top of the rankings and, on the other, to high levels of operating efficiency”, the company underlines.
Funding since the beginning of the year exceeds 15 billion euros thanks mainly to the contribution of mutual funds, which place Eurizon in first place in Italy for net flows in the period according to Assogestioni data. In the last quarter, the greatest flows flowed into flexible funds with almost 2 billion euro and into bonds with 1,15 billion. Since the beginning of the year, the funding of these two types of funds has been respectively 5,7 billion and 6,8 billion euro. Balanced funds and equity funds also continue to be positive, while money market fund outflows since the beginning of the year stand at €1,9 billion.
It also continues strong success of the Pir (tax subsidized savings plans), which since their inception have contributed 1,6 billion euro to funding, consisting of approximately 1,4 billion from retail funds and the remainder from solutions for institutional customers. At the end of September, Eurizon's total assets amounted to 385 billion euros, including the 78 billion euros of Penghua in China.
