After the break in September, the Italian asset management industry restarted in October. As Assogestioni reports in its monthly map, net inflows were positive for a total of 6,4 billion euro, a clear improvement compared to the +31 million in September. This is the tenth consecutive month of positive balance, a result that brings the total since the beginning of the year to +76,2 billion.
Last month there was also a significant growth in assets which, thanks to market management and trends, reached 2.560,6 billion, not far from the record of 2.561,4 billion set in August and against 2.544 billion in September (2.334 billion in October 2020).
Collective management assets, in particular, rose to 1.324 billion (51,7% of the total) from 1.310 billion (51,5%), with open-ended funds accelerating to a new all-time high of 1.249 billion (48,8% ) from 1.235,5 billion (48,6%) in September. The evolution of assets under portfolio management was less striking, which amounted to 1.236,4 billion (48,3%) from 1.234 billion (48,5%).
In terms of inflows, collective management recorded +3,4 billion in October, up sharply from +773 million in September, to a total close to 60 billion since the beginning of the year. Open-ended funds stand out with +2,73 billion subscriptions, after +357 million, to a total of +55,5 billion since January. Closed-end funds report net revenues of +673 million, after +416 million, to +4,5 billion in ten months.
October was also favorable for portfolio management, which returned to positive territory with a balance of just under +3 billion, after -741 million in September, to a total of +16,2 billion since January. Institutional mandates, in particular, recovered after the September slide (-1,67 billion), registering +1,76 billion and thus marking +7 billion since the beginning of the year. The retail segment in turn improved, reaching +1,2 billion from +928 million, to a total of +9,2 billion in the ten months.
Among the funds, savers' preferences turned again to equities which recorded net inflows of +2,5 billion in October, after +1 billion in September (and almost +28 billion since January), thus winning the match with the balanced, which mark +1,8 billion, after +2,3 billion (and +20,3 billion since the beginning of the year). Bonds, on the other hand, show outflows again (-203 million after -655 million) and the total for the ten months, although positive, slips below the threshold of 9 billion. Flexibles remain in the red since the beginning of the year (-2,1 billion), but collected +775 million in October, after -365 million.
Lastly, the tenth month of the year was decidedly negative for monetary funds, which recorded net outflows of -2,2 billion, which add up to the -1,9 billion of September, with a balance from the beginning of the year which remains positive, but tapering to +604 million. As for the denomination, the Italian-registered funds recorded net inflows of +695 million in October, after +147 million in September, to a total of +3,6 billion since January. Foreign law funds leap to +2 billion, from +209 million, bringing subscriptions in the ten months to the threshold of +52 billion.
