The difficulties of the asset management industry continue. In November net inflows recorded a negative result of 4 billion euro. A result that follows the -940 million of the month of October.
He reports it Assogestioni in the usual monthly map. Since the beginning of the year, however, the balance remains positive, settling at +8,8 billion euro against assets under management of 2.020,7 billion (from 2.020,9 billion in October).
Despite the + sign with which the industry is starting to close 2018, the gap is sidereal compared to 2017: if we make a comparison with just the month of November, a year ago the result was +7,8 billion euros, while since January, the total galloped towards +100 billion.
At the basis of the sudden slowdown in asset management there are the uncertainties about Italy, due to the tug of war between the Government and the EU on the budget law, but also the great volatility of international markets and a less favorable national and global macro-economic context than in the past.
Returning to the data, the redemptions in November once again affected the collective management, (-3,3 billion from -4,7 billion in October, to a total of +3,06 billion since January). Open-end funds suffer in particular (-3,4 billion after -4,4 billion, with a balance since the beginning of the year of +1,6 billion).
On the other hand, closed-end funds are holding, returning to positive ground with a +106 million from -351 million, with +1,4 billion since January).
Instead in red portfolio management, which mark -757 million after +3,8 billion in October (and +5,8 billion in 11 months). The retail ones close November at -914 million after -1,1 billion (from the beginning of the year -3,8 billion) and the institutional mandates see the funding balance reduce to +157 million, after having shone in October with +4,9 billion ( +9,6 billion since January).
The front of the retreat is broad: it continues escape from bonds (-2,4 billion after -3,2 billion in October), but the decline now also concerns flexibles (-1,5 billion after -2 billion) and persists in equities (-191 million after -786 million). The balanced ones continue to resist (+122 million after +190 million).
