Negative July for the asset management industry. After decrease recorded in the second quarter, in July the net balance of deposits was -483 million euros following the -579 million of June.
According to what can be read in the Assogestioni map, since the beginning of the year net inflows have decreased to +9,3 billion and assets under management at the end of July decreased to 2.062,4 billion from the previous 2.067 billion.
Going into detail, for collective management, the balance of flows for the month is negative by -1,08 billion after +979 million in June, while the total since the beginning of the year is +9,5 billion. Open funds are down (-1,07 billion after +990 million, with +8,9 billion since January) and, albeit to a limited extent, closed-end funds (-8 million after -11 million, but +591 million since the beginning year).
On the other hand, July went better than June for portfolio management, which recorded net inflows of +598 million after -1,56 billion, to a total since the beginning of the year of -219 million. Redemptions still prevail in retail portfolios (-59 million after -259 million and -1,07 billion in seven months), while institutional portfolios are back in positive territory (+657 million after -1,3 billion, with +855 million since January).
Among funds, the exodus from bonds continues: -2,6 billion in July after -3,5 billion in June and outflows since the beginning of the year have exceeded 16 billion. There was, on the other hand, a return of interest on shares with +1,2 billion after -861 million, with +4,3 billion since the beginning of the year. The balanced appeal remained constant, +1,08 billion after +913 million (+8,8 billion from January), while that of flexibles strengthened again, with +994 million from +587 million (and +13,1 billion in 7 months). Finally, monetary funds, in July, marked -1,8 billion.
