Assogestioni, the Italian association of savings management companies, has published the monthly map on the state of savings in Italy. In March the net new money is still declining but the masses rise due to the positive effect of the markets. To report the bond fund boom. However, interest in equities is still high.
The net balance of industrial flows is negative
According to the data, the net balance of industrial flows in March it was negative by -6 billion euro (in February it was down by 1,9 billion). In the first three months of the year, the account recorded a negative balance of -8,9 billion. Assets managed by industry, on the other hand, amounted to 2.255 billion euros, up by over 12 billion compared to February. This growth is favored by the market effect which the Assogestioni Research Department estimates as positive by +0,8% in the month
Net deposits -6,04 billion
La net collection, in March, amounted to -6,04 billion euros. Institutional mandates in particular weigh heavily, with redemptions of 6,4 billion euros only partially mitigated by the 920 million of the retail. The balance of the subscriptions of the companies is also negative collective management, equal to -515 million.
The first three months of the year end, preliminarily, with a balance of -7,7 billion for portfolio management, with -9,2 billion for institutional mandates and -1,1 billion for collective management , with -1,6 billion for open funds. Not particularly considered by investors the short term (-316 million) ei funds (-99 million).
Bond funds are good
I equity funds they remained in positive territory +588 million. Instead, it is a boom in the bond funds. In March, there were over 2 billion new capital for a total since the beginning of the year of 3,2 billion (570 million in February). By contrast, balanced and flexible funds recorded monthly outflows of €1,1 billion and €1,7 billion respectively.
Assogestioni data on the main players
According to data from Assogestioni, Intesa Sanpaolo in March it recorded net inflows of -865 million, with assets under management of 490,35 billion, equal to 22,6% of the total. The balance of flows, for Generali, is instead equal to -2,8 billion (with -2,3 billion from institutional mandates), with assets of 442,4 billion (20,4%). Negative too Amundi (-409 million), with assets under management of 213,4 billion (9,8%) e Anima (-500 million), with assets of 182 billion (8,4%).
Net outflows of €2,3 billion from institutional portfolio management weighed on the total balance of net inflows (-€2,1 billion) from Post, with managed assets of 99,8 billion (4,6%). To be reported positively Mediolanum, +247 million deposits, with 60,6 billion assets (2,8%) e Allianz records +415 million, with assets under management of 49,7 billion (2,3%). The balance of flows for is also good BNP Paribas (+147 million), Schroders (+111 million), Mediobanca (+267 million) e Montepaschi (+278 million).
