The Italian asset management industry continues to grow, but slightly less in April than in March. This was revealed by the monthly map of Assogestioni, according to which net inflows amounted to +5,1 billion euro, after the record +9 billion of the previous month, for a total of +34,9 billion since the beginning of the year. Going into detail, assets under management dropped to 2.459,2 billion, from the record of 2.469 billion at the end of March: it should be noted, moreover, that assets in open-end funds have reached a new all-time high of 1.184 billion, while they mark a decline in portfolio management.
Among the important data of the month, it is also worth mentioning the overtaking the Intesa Sanpaolo group compared to Generali: 521,7 billion of assets under management against 514,7 billion. The two groups were almost evenly matched at the end of the first trimester. Looking at April's movements in detail, collective management shows net revenues of +4,3 billion, after +7,7 billion in March, to a total of +24,2 billion since January. Within the sector, open-ended funds recorded net outflows of +4,1 billion, after +7,5 billion, to a total of +22,8 billion since the beginning of the year, while closed-end funds recorded +178 million, after +276 million, to +1,45 billion respectively. Net subscriptions from portfolio management, while positive, slowed down to +804 million, from +1,2 billion, to a total for the first four months of 2021 of +10,7 billion.
Retail subscriptions also performed well, with +1,01 billion for a total of +3,5 billion since January, while institutional mandates, after an already slowing March (+156 million), slipped into negative territory with -210 million, with a total of +7,2 billion since the beginning of the year. Among the types of open-ended funds, savers in April directed their preferences primarily towards balanced ones, which recorded net flows of +2,3 billion, accelerating from the +1,8 billion in March, with +6,6 billion from January. According to Assogestioni, interest in equities remains consistent, but it is less than in past months which had seen them at the top of subscriptions: net investments in April amounted to +1,9 billion, after +2,9 billion in March, to a remarkable total, however, of +15 billion since the beginning of the year, by far the largest among the funds. The monthly net income on bonds they narrow to +484 million, from +1,3 billion, with a total since January of +3,3 billion.
You are finally increase sales on flexible tools, with a balance of -1,1 billion in April, after -30 million in March, for a total of -3,8 billion since the beginning of the year. On the other hand, the charm of money market is paler, recording +447 million in funding, after +1,4 billion, to a total of +1,8 billion in the first four months of the year. As for the denomination, the Italian-law funds report overall net revenues of +502 million, after +639 million, landing in positive territory for this part of 2021, with +14 million. Foreign funds continue to advance, albeit downshifting, with net flows of +3,6 billion, after +6,8 billion, to +22,8 billion overall since January.
