The coronavirus also sinks funds. In the first quarter of 2020, net inflows were negative by 12 billion euros. In the last three months of 2019 the same figure recited +17,3 billion euros. As a result, the managed assets, which fell from 2.306,8 billion on 31 December to 2.140,3 billion on 31 March.
These are the main results contained in the traditional map by Assogestioni which underlines how the coronavirus "hit above all in the final part of the quarter, but the year had already started uphill, amidst uncertainties in the macro-economic picture and markets on a roller coaster, while the first news of the virus began to arrive from China”.
To pay the price of the crisis above all collective management, which recorded negative inflows of 11 billion euros (+7% in the previous quarter). Peak too open funds (-12 billion), while closed-end funds resisted better, with positive deposits of 1,24 billion euro supported by real estate funds (+807 million).
-1,2 billion per portfolio management (+10,3 in the fourth quarter of 2019), while net inflows from retail Gp fell to +408 million from +1,28 billion, pension fund management recorded outflows of 495 million, after +577 million, insurance products slip to -1,76 billion from +5,5 billion.
Returning to the open fundsHere are the individual results:
- flexible: -7,5 billion;
- bonds with -7,45 billion;
- equity with -6 billion;
- balanced: +755 million.
“Overall – comments Assogestioni – long-term funds totaled disinvestments of 20,4 billion against +9 billion in the last three months of 2019. Savers' fears and aversion to risk found a partial landing in monetary funds, where they were 8,2 billion euros of net inflows parked, in contrast to the drain at the end of 2019 (-3,4 billion), presumably waiting for the horizon of the coronavirus crisis to clear up".
Moving on to mass, the quarterly map by Assogestioni indicates that collective management went from 1.135,8 billion at the end of 2019 to 1.022,3 billion at the end of last March, or from 49,2% of total assets to 47,2%. Open-ended funds are mainly feeling the blow, falling below the threshold of one trillion to 958,9 billion (44,8%) from 1.072 billion (46,5%), while closed-end funds remain at the levels of the end of 2019 to 63,5 billion (3% from 2,8% in December). Portfolio management recorded assets of 1.118 billion (52,2%), down from 1.171 billion at the end of 2019. Managed insurance products, in particular, fell to 757,2 billion from 790 billion. Among funds, assets under management by bonds decrease to 382 billion (from 413,5 billion), assets under management go down to 221 billion (from 252 billion), for equities the drop is 196,9 billion (from 243 billion) and for the balanced to 114,4 billion (from 126,5 billion). Assets on the rise, however, for monetary funds to 42,2 billion, from 34 billion at the end of 2019.
In reference to managers, the Generali group recorded outflows of 1 billion euro, while assets under management amounted to 498 billion, 24% of the total. Intesa Sanpaolo, on the other hand, recorded negative funding of 3,9 billion with assets of 394,1 billion (19%). Amundi follows, which scores -1,8 billion with assets of 176,8 billion (8,5% of the total).
On the other hand, Anima Holding was positive, with net inflows of +333,6 million and 176,5 billion under management (8,5%) and the Post Office, which recorded +1,9 billion, with assets of 93,1 billion (4,5, XNUMX%).
Finally a reference to Mon. Despite the new legislation, the open-ended funds of the sector in the first quarter show a balance of -234,2 million, after -380,4 million in the fourth quarter of 2019. The promoted assets of PIR compliant funds drop to 15,1 billion from 18,7 .2019 billion at the end of XNUMX.
Going into detail, it is the equities that suffer the most, recording outflows of -153 million. -33 million the balanced balance, while funding for bonds is positive for 1,3 million euro. More disinvestments on flexibles (-49,6 million).
