National and international political uncertainties have made the asset management industry pull the handbrake, which in September recorded net inflows of +436 million, a decrease compared to the August result of 2,54 billion, according to the monthly map elaborated by Assogestioni.
Assets under management instead increased from 2.049 billion in August to 2.054,5 billion in September.
The asset management segment was driven by portfolio management, with deposits of 1,24 billion, entirely due to institutions (+1,856 billion), while the retail component was negative by 616 million.
In detail funds, the most interesting data is that relating to flight from bonds, with -2,2 billion after the decrease of -761 million recorded in August. Calculated for the entire year, the figure marks a decrease in the share of -19,2 billion. In 2017, September had recorded net inflows of +3,6 billion after +8,6 billion in August, the total for the year was approaching 80 billion and assets amounted to 2.046 billion.
A negative September also for flexible funds, which in recent months had been among investors' favorites: inflows were -660 million after +451 million in August, despite the fact that the balance since the beginning of the year remains largely positive, at +12,9 billion. The spotlights are turned back on equity funds at +520 million and a total since the beginning of the year of +4,9 billion, while the balance of balanced funds remained good at +526 million and +9,8 billion since the beginning of the year. Once again a positive sign for monetary funds which closed September at +560 million, after +493 million in August, but the balance since the beginning of the year remains negative at -376 million.
If the Italian-law funds recorded outflows of 1,47 billion, which follow the -271 million in August and which bring the balance of flows to -256 million since the beginning of the year, those under foreign law remained in positive territory at + 178 million, with net inflows since January of +8,5 billion.
In September, the sign was negative for net inflows from collective management which amounted to -804 million after having recorded +1,1 billion in August. On the other hand, the positive inflows continued for portfolio management with +1,24 billion thanks to the +1,85 billion from institutional mandates, while retail management closed the month with a negative result at -616 million. Since the beginning of the year, collective management has recorded net inflows of +9,87 billion, while portfolio management has totaled +2,4 billion since January.
With regards to individual managers, Amundi's performance stands out which flies to +1,388 billion. The Intesa Sanpaolo group did well (with Eurizon and Fideuram) at +530,4 million. The Generali group, on the other hand, lost 945,2 million.
Good results for Anima Holding (+312,9 million), Poste Italiane (+795,8 million), Ubi Banca (+23,5 million) and Axa (+189 million), which enters the top ten, undermining Azimut Holding ( -159,6 million), while the Banca Mediolanum group (-1,8 million) and Allianz (-67,1 million) are in the red.
Significant outflows for JP Morgan Asset Management (-240,8 million), Invesco (-339,6 million), Deutsche Bank group (-290,5 million) and M&G Investments (-377,6 million).
