The asset management industry rediscovered in the third quarter, with clear inflows positive, after the minus sign of the previous three months and with record volumes. Based on the Assogestioni map, the quarter in September marked a balance of flows of +9,5 billion euros, against -6,3 billion in the second quarter.
Since the beginning of the year, total funding has been 58,6 billion, including 53 billion in movements within the Poste group in January. Underlining the newfound dynamism is the new high in assets under management of 2.284 billion euros at the end of September, up from 2.209 billion at the end of June. Collective management shows net subscriptions of +4,5 billion, after -2,5 billion in the second quarter, thus reaching positive territory (+1,56 billion) in the balance since January.
For open-ended funds, funding is close to +4 billion, after -3,8 billion, but the minus sign since the beginning of the year remains (-463 million). On closed-end funds, net movements amounted to +523 million, after +1,3 billion, with a total over the nine months of +2 billion. In particular, real estate funds recorded +362 million, after +1,1 billion in the second quarter, to +1,45 billion from January.
Instead, another quarter of collection net negative for PIR compliant funds: the three months to September recorded a net balance of movements equal to -353,7 million euro, following the -361 million of the second quarter. From the beginning of the year – based on the quarterly map of Assogestioni – outflows prevail with -717 million. The assets promoted by the 69 Pir funds amount to 18,5 billion.
