PIRs are slowing down after the 2017 boom. This is attested by Assogestioni in the quarterly map of asset management released this morning.
Based on what is indicated in the report, in the first three months of 2018, the Italian asset management industry recorded net inflows of €13,9 billion, down from €17,2 billion in the fourth quarter of 2017. Assets under management reached €2,082 billion, slightly below the all-time high of December 2018.
“The 8,7 billion in flows to open funds in particular are driving the system's funding – communicates Assogestioni –. The AUM used in collective management is equal to 1,058 billion euros, approximately 51% of the total assets of the industry”.
La portfolio management collection is positive for 4,4 billion euro. The assets of GPs exceed one billion euros and correspond to approximately 49% of the managed assets of the industry.
Speaking of individual instruments, in the first quarter of 2018 savers' preferences turned towards flexible funds (+9,3 billion euro), followed by balanced funds (+4,4 billion) and equity funds (+2,9 billion euros).
At this juncture, the Italian Association of Managed Savings also analyses the trend of the PIRs, Long-term Individual Savings Plans which provide tax breaks - in the form of tax relief on capital gains - for those who invest in Italian companies for 5 years. In 2017, the year of their debut, the Pir enjoyed unexpected and extraordinary success, recording total net sales of 11 billion euros. A figure more than double compared to the initial forecasts of the Ministry of the Economy, which counted on raising around 5 billion euros in 12 months.
Well, in the first quarter of 2018 the flows recorded by the PIRs stopped at 1,98 billion euros, a clear decrease compared to 3,38 billion in the months of October-December 2017. In detail, 1,75 billion in flows were directed towards newly created instruments and 234 towards pre-existing and adapted funds.
There are a total of 68 Pir compliat funds (43 new and 25 pre-existing). Speaking of individual products: Amundi raised 569 million euros, Intesa Sanpaolo 542 million, Mediolanum 282 million, Anima 237. As regards promoted assets, Mediolanum stands at 3,79 billion, followed by Intesa with 3,26 and Amundi with 2,72 billion.
