in 2016 asset management assets has reached a new historical maximum touching 1.937 billion euros (+100 billion compared to the end of 2015). Once again, the sector relating to collective management and in particular to Mutual funds. In the twelve months, the net balance between subscriptions and redemptions of mutual funds amounted to 35 billion euro. The weight of mutual funds on total assets under management has progressively increased in recent years thanks to a more sustained pace of development compared to asset management; the present value (51%) however remains distant from that relative to before the financial crisis (57%). The assets managed by open-end mutual funds (Italian and foreign) on the Italian market amounted to 2016 billion euro at the end of 900.
The search for returns on the demand side and alternative revenues to the interest margin on the supply side has led banks in recent years to considerably increase the distribution of asset management products. It is estimated that in the three-year period 2013-2015, Italian banks placed nearly 200 billion in mutual funds, portfolio management and life insurance products. The development of this business has led to a 15% average annual increase in commissions from asset management and brokerage. A significant contribution was provided by the collection of mutual funds for which the growth in revenues averaged 25%.
The budget law approved last December introduced a new form of investment in Italy starting from 2017: Individual Savings Plans (Pir). It is an instrument that aims to channel a part of the savings towards small and medium-sized Italian enterprises in which the PIRs must invest a significant portion of the assets collected. The PIRs offer a favorable tax treatment: by keeping them in the portfolio for at least five years, the tax levy on capital gains will not be applied. If the investor decides to dispose of the position before five years, the ordinary rates will apply. There is also a total exemption from inheritance taxes.
In consideration of the greater risk of this instrument compared to other types of investment the amount that can be subscribed it is not discretionary but presents some maximum limits. For individuals, the limit has been set at 30 euros a year, while institutional investors, pension funds and social security funds can invest up to 5% of their assets.
Read also:
Pir, a small savings revolution: Anima explains the advantages, risks and costs
Pir, rain of offers for individual savings plans: what's on the market
Calzolari (Assosim): "The Pir, a great opportunity for savers, SMEs and managers"
