The Italian industry of managed savings closed the month of May with net inflows of 11,5 billion (after nine in April), achieving the best result of 2017. He communicates it Assogestioni, specifying that the balance for the first five months of the year is positive for 48,4 billion and managed assets passed the 2.000 billion mark for the first time, reaching a new high of 2.004,8 billion (after 1.984,4 in April).
Driving the race were the collective management, with +12,5 billion in funding in May, a marked acceleration from the +7,1 billion in April, to a total over five months of 35,8 billion. Portfolio management was in reverse with -1 billion (after +1,9 billion), for a total of 12,6 billion since the beginning of the year. The monthly balance is positive for retail (+771 million), but negative for institutional (-1,78 billion).
I open funds accounted for the lion's share with +12,4 billion in May (7,15 billion in April) to a total since the beginning of the year of +35,6 billion, while the closed-end funds they mark +138 million on the month and +211 million on the year. Sifting through the choices of savers, the preference for i clearly emerges bond funds, which mark net inflows of +7,25 billion, after +3,4 billion in April, for a total since the beginning of the year of 18,3 billion.
There remains a good interest in i flexible (+2,7 billion after +1,6 billion) ei balanced (+2,2 billion after +1,26 billion). May has also brought about a resurgence of appeal for the equity with +2,4 billion after 422 million in April. Negative funding balance, however, for monetary funds with -2,2 billion in the month (after +466 million) and -2,6 billion since the beginning of the year.
Based on Assogestioni's monthly map, in May foreign-registered funds lengthened their pace again, with net inflows of +10,2 billion in May, after +6,3 billion in April, to a total since the beginning of the year of 30 billion. Italian-law funds improved to +2,1 billion from 784 million in April, to a total over the five months of almost 5,6 billion.
In terms of masses, collective management closed May above 1.000 billion to 1.008 billion from 991 in April, equal to 50,3% of the total, with open funds totaling 958,7 billion (from 943 billion). Portfolio management rose to 996,8 billion (from 993,3 billion), divided between 129,2 billion of retail and 867,6 billion of institutions. Among open-ended funds, bonds hold unrivaled first place in assets under management with 399,7 billion (41,7% of the total, up from 391,4 billion in April), ahead of flexible funds (224,2 billion), equity (213,5 billion) and, more detached, to the balanced ones (86,4 billion).
Il . managed by money market funds amounted to 30,6 billion in May, down from almost 33 billion in April. At the end of last month, foreign law funds managed a total of 711,4 billion (from 698 billion the previous year), equal to 74,2% of the total (from 74%). Italian-law funds stood at 247,3 billion from 244,9 billion.
Moving on to the performances in May of major Italian managers, Generali, number one in the sector, recorded positive net inflows of 3,12 billion, +4,29 billion from open funds and -1,45 billion from institutional portfolio management. The trend, as specified by the company's headquarters, is mainly due to infra-group operations. Assets managed by Generali amounted to 470,4 billion at the end of the month, equal to 24,1% of the sector.
The Intesa Sanpaolo group recorded a funding balance of +1,2 billion, driven by Eurizon (+2 billion), while for Fideuram the month closed at -834,6 million. Assets managed by the Intesa group total 384,2 billion (19,6%). Pioneer, the Unicredit subsidiary now in the process of switching to Amundi, in May recorded outflows of 274,6 million, with assets under management of 140 billion (7,4% of the total).
Poste Italiane, number four in asset management, recorded net monthly inflows of 245,5 million and assets totaled 77 billion (3,9%). Anima Holding follows – by assets – with a monthly funding balance of +696 million and assets of 75 billion (3,8%). Blackrock, which does not disclose the monthly trend, at the end of May had assets of 73,7 billion, which puts it in sixth place in Italy with 3,8% of the total in the sector.
Last month, the Ubi Banca group recorded deposits of 568,6 million and the total managed amounted to 54,4 billion (2,8% of the total). The French Amundi stands out with net inflows of 2,46 billion and assets of 51,8 billion (2,6%). Allianz recorded outflows of 775 million in May, while the Mediolanum group – which closes the 'Top 10' – has a balance of +346,8 million. Among other managers, Azimut recorded -53 million, Axa +428 million, Arca +233 million, JP Morgan Am +380 million, the Deutsche Bank group +416 million, Morgan Stanley +469 million and Invesco +731 million.
