A 2017 to be framed for Fideuram, Intesa Sanpaolo's expert banking which recorded a record consolidated net profit in the last calendar year (871 million, +11% compared to 2016) and the best commercial performance ever with net inflows of 12,4 billion (+47%), almost entirely made up of managed savings (11,8 billion). Fideuram thus closes Intesa Sanpaolo's 2014-2017 business plan with all the objectives achieved and prepares for the new path outlined by the business plan to 2021 presented last week by CEO Carlo Messina.
The 2017 net result of the hub dedicated to high-end customers of the Intesa Sanpaolo group chaired by Matteo Colafrancesco was driven by net commissions climbed 9% to an all-time high of 1,69 billion, with recurring assets (over 92%) amounting to 1,55 billion, +12% compared to the previous year thanks to the growth in average assets under management (+10%). While also in 2017 the contribution of performance fees, i.e. variable commissions, to total net commissions was marginal (27 million, equivalent to less than 2% of the commission margin).
At the end of the financial year the total of assets under administration by Fideuram amounted to 214,2 billion, up by 16,2 billion (+8%) compared to 31 December 2016. The collection of 1 billion euro from individual savings plans (PIR) also contributed to this amount. Solid performance also in the insurance and asset management sectors which recorded, respectively, 3,1 billion and 1,1 billion in net inflows. Analysis by aggregate shows that the asset management component, equal to 151,4 billion, represents 71% of total assets. Furthermore, at the end of the year, assets under paid advisory services amounted to 38,7 billion (34,1 billion at the end of 2016, +13%), equal to over 18% of total assets.
