Fideuram – Intesa Sanpaolo Private Banking closed the first quarter of 2019 with a record of assets under management, with 223,7 billion euro, "thanks to the positive dynamics of the financial markets", explains the company, and net inflows of 1 billion. Total assets under management thus grew by 5% compared to the beginning of the year, while that of net inflows is lower than that of the first quarter of 2018, when it was 2,4 billion. The figure on net commissions also decreased slightly, from 437 to 427 million, and that on consolidated net profit, to 229 million from 239 million a year ago.
However, according to what the company has assessed, the parameters on financial solidity remain very satisfactory: the cost/income ratio has risen from 28 to 30% and the Common Equity Tier 1 ratio is equal to 20,1%, "well above the regulatory requirements . The evolution of assets compared to the end of 2018 is mainly attributable, as mentioned, to the market performance which it had a positive effect on assets for 9,6 billion: the analysis by aggregates shows that the asset management component (almost 70% of assets under management) amounted to 154,6 billion, up by 7,6 billion (+5%) compared to the end of 2018.
Le operating expenses, equal to 146 million, increased by 5 million (+4%) compared to the corresponding period last year (141 million). A detailed analysis shows that personnel expenses, equal to 88 million, recorded an increase of 3 million, mainly linked to the ordinary dynamics of the contract and to the qualitative strengthening of the commercial network. Other administrative expenses, amounting to 45 million, remained unchanged. Net value adjustments to tangible and intangible assets recorded a balance of 13 million (11 million in the first quarter of 2018). Fideuram – Intesa Sanpaolo Private Banking counts today 5.924 private bankers, who manage an average portfolio of around 38 million.
“The results of the quarter – he commented Paolo Molesini, Chief Executive Officer and General Manager of Fideuram – Intesa Sanpaolo Private Banking - demonstrate how resilient our model is in all market conditions, both when it is less favourable, as at the end of 2018, and when it becomes positive again, as at the beginning of the year. We continue to generate value in a consistent and sustainable way, thanks to the work of all private bankers, whom we support with investments in training and product innovation. We believe in the value of people and focusing on their professional preparation has made it possible to achieve significant results also in the distribution of sophisticated investment solutions, such as our "alternatives" platform, which in recent months has generated inflows of more than 500 million euros" .
