“May's net inflows went well and should be in line with April's.” This was stated by the managing director of Banca Mediolanum, Massimo Doris, in reference to the data on Banca Mediolanum's assets under management relating to May, which will be released next week. In April, the institute had recorded total net inflows of €352 million. Net inflows into funds and management alone amounted to 527 million euros (478 million according to the Assogestioni methodology.
On the results front, Massimo Doris said that “the 2014 profit should be in line with that of 2013, which was 337 million euros. It will depend on the performance fee and the investments we make." Finally, about the current trend, Doris added: “I expect a good second quarter. The result, however, will depend on the performance fees”. Mediolanum closed the first quarter with a net profit down 41% to 81 million, reflecting the reduction in performance fees, which were halved to 31,3 from 59,3 million.
The CEO explained that the group only received the letter from the Bank of Italy about 20 days ago with the path to take to transform the Mediolanum group into a bank. "Within 60 days we will indicate the things we intend to do - declared the entrepreneur - then we asked for a year to implement any changes". Under the lens of Bankitalia is also the position of Fininvest, which holds 30% of the Mediolanum group. "The previous legislation forbade industrial groups to have shareholdings in banking groups - explained Doris - but the law changed three, four years ago and therefore there shouldn't be any problems".
