I asset managers they closed the fourth quarter of 2023 with a negative balance of 15,4 billion euros, while during the year the outflows were almost 50 billion, of which around a third came from insurance products and the rest from mutual funds. In contrast, i closed-end funds they recorded an increase of 2,3 billion in the quarter and 4 billion in the year. Overall, it has been a difficult year for Italian asset management, which requires intervention to make managed savings instruments, especially mutual funds, attractive again.
It is the photograph of the industry given by Assogestioni with the quarterly map relating tolast quarter of last year.
Open-end funds, only bonds will hold up in 2023
Assets under management reached 2.337 billion euros, a slight increase compared to the previous quarter but still below the historical record of 2021. collective management they now represent over 53% of the total, while shifting our gaze to the portfolio management, with assets equal to 1.095 billion at the end of December (equivalent to 46,8% of the total), institutional management stands out in terms of size of assets with 939 billion. In the fourth quarter the category recorded approximately 9 billion in outflows, largely affected by the 11,70 billion that flowed from the management of insurance products.
As regards the assets of open-end fundsi, which amounts to 1.149 billion euros, the distribution is balanced between instruments bonds (35,4%) and equity (33%).
In the final quarter of 2023, the largest redemptions occurred in flexible funds (-8,3 billion), followed by balanced (-5,7 and -17,5 billion respectively), while i equity funds they showed a more stable performance (-2,6 billion in three months and -1 in the year). On the contrary, equity funds closed the quarter with an increase of 7,8 billion and the year with a gain of more than 24 billion. As for the Most, the annual balance was negative for 2,6 billion, of which 465 million came out in the fourth quarter. The assets are equal to 18,6 billion.
The rankings of management companies
The difficult context of 2023 is reflected in the balance sheets of some companies. Intesa Sanpaolo recorded a negative balance of 10,7 billion in the quarter, followed by Soul Holding (-3,5 billion), Amundi (-3,2 billion), Morgan Stanley (-1,1 billion), bnp Paribas (-1,6 billion) e Axa Im (-1,3 billion). On the contrary, positive results were achieved by Poste Italiane (+4,5 billion), thanks to the placement of other management and insurance products, Mediolanum (704 million), JP Morgan Asset Management (1,4 billion), Ark (994 million) e Finecobank (454 million).
