Funds accelerated in the second quarter and net inflows, also favored by the success of the PIRs, rose to 29,1 billion euro from 27,86 billion in the first three months of the year, with a total close to 57 billion since the beginning 2017. Shareholders' equity reached a new record of 2.012,7 billion, against 1.985,5 billion at the end of March. Assogestioni communicates it.
In detail, a prominent role belongs to the Pir, individual investment plans: the performance of Pir 'compliant' open-ended funds in the April-June period marked a leap to 4,3 billion euro, for a total of 5,3 billion since the beginning of the year. The shift in savings towards collective management is evident, dominated by open funds which close the quarter with positive net inflows of 28,1 billion, after 16,1 billion at the end of March (44,2 billion since the beginning of the year).
The quarterly balance of cash flows portfolio management however, it fell to 730 million from 11,7 billion (12,4 billion since January). In this segment, the net inflows of -87 million from pension fund management, up from +3,47 billion in the first quarter and +1,18 billion from insurance product management, up from +6 billion, are noteworthy.
Among the open funds, savers have expressed a strong preference for bonds, which stand out with net inflows of 12,57 billion, after 7,6 billion in the first quarter, to a year-to-date total of 20,2 billion.
There is also a growing interest in i flexible (5,86 billion from 2,9 billion), demand for balanced securities remains strong (5,7 billion from 4,48 billion) and the appeal of equities also improves (3,49 billion from 2 billion). Flows on monetary funds also show a positive result (+546 million from -840 million). Closed-end funds recorded net inflows of 283 million in the quarter, after 106 million in the first three months of the year, divided between 167 million in investment funds (from 96 million) and 116 million in real estate (from 11 million).
As for nationality, Italian-registered funds totaled net inflows of 4,8 billion in the second quarter which, combined with 2,7 billion in the first, brings the balance from the beginning of the year to 7,5 billion. Foreign funds, on the other hand, recorded a funding balance of 23,3 billion, from 13,4 billion to a total of 36 billion.
