In the first half of 2017, the asset management market in Italy continued to grow and to attract significant capital flows from savers. In June 2017, assets under management reached a new all-time high, exceeding 2.000 billion euros, with an increase of approximately 75 billion compared to the end of 2016 (+4%). This is the sixth consecutive year of asset growth.
The sector relating to collective management was the driver of inflows in the first half of the year; since the beginning of 2017, the net balance between subscriptions and redemptions of mutual funds has been equal to 45 billion euros, while assets have reached 1.013 billion euros.
The Individual Savings Plans (PIR), introduced starting in 2017 by the last Stability Law with the aim of channeling a part of the savings to small and medium-sized Italian companies, have met with greater success than expected. In the first two quarters of the year, 5,3 billion euros were raised and it is expected to reach 10 billion euros by the end of 2017. Over 30 Italian and foreign asset management companies have launched mutual funds defined as "PIR compliant". Overall, there are 44 PIR compliant funds, 27 of which are newly established and 17 pre-existing funds that have been brought into line with the new legislation. In the light of the results recorded in the first two quarters of the year, government estimates, which initially envisaged funding of 18 billion euro in five years, have been revised upwards to 50 billion euro.
The launch of the Italian PIR market has had significant effects on the segments of the stock exchange in which the shares of SMEs are listed, which in Italy are worth around 10% of the entire stock exchange in terms of capitalisation. During 2017, trading volumes in the segments of small and mid-cap companies increased significantly and the small and mid-cap indices (the FTSE Small and the FTSE Star) both recorded increases of around 30 % since the beginning of the year, approximately double the general Ftse Mib index. It is calculated that in Italy the diffusion of these instruments could cause an additional amount equal to 30% of the floating capital in the small and mid cap segments of the market to flow over the next five years.
