After the slowdown recorded in the spring, the Italian asset management industry accelerated again in the third quarter. According to data released today by Assogestioni, the sector's net funding was positive for 19,6 billion euro between July and September, against the balance of +935 million with which the second quarter ended. Since the beginning of the year, total net inflows thus rise to 48 billion and managed assets reach a new all-time high of 1.927 billion euro (from 1.871,5 billion in June). In the third quarter of 2015, funding amounted to 25 billion and the total since the beginning of the year had reached 120 billion.
In the quarter to last September the performance of open-ended funds shines, with positive flows of 16 billion against -1 billion in the second quarter, to a total of 28,4 billion since January. Closed-end funds close the quarter at +62 million after -10 million, accumulating +122 million since the beginning of the year. Portfolio management recorded net inflows of 3,6 billion (2,2 billion relating to insurance product management), against 1,9 billion in the second quarter, totaling 19,6 billion since the beginning of the year.
Among the open funds, the most popular in the quarter were bonds, with +9,4 billion after 3,68 billion in the previous three months, to a total of 13,5 billion since the beginning of the year. Flexibles followed with +5,1 billion in the third quarter, after +4,6 billion in the second, for a total of 12,9 billion in the nine months. The balanced ones lengthen the pace with +1,36 billion, after +624 million and with +2,9 billion since the beginning of the year.
Positive quarter for equities with +523 million, after the great escape in the second quarter (-2,7 billion), but it is not enough to bring the plus sign to the balance for the 9 months which closes at -971 million. Minus in the three months to September also for monetary funds (-383 million), even if it is not the hemorrhage seen in the previous three (-7,1 billion) and since the beginning of the year the balance is +176 million.
In the third quarter, Italian-registered funds recorded net inflows of 4,5 billion, more than double compared to the second quarter (1,9 billion), for a total since the beginning of the year of 5 billion. Foreign-registered funds closed the summer months at +11,4 billion, after the freezing -2,9 billion in the second quarter, still being able to count on a positive balance of 23,3 billion since the beginning of the year.
