Despite the volatility and uncertainties caused by the war in Ukraine, the Italian asset management industry closes the first quarter with a positive net inflow, albeit slower than in the previous three months. According to monthly map of Assogestioni, between January and March flows recorded a positive result of 10,9 billion euro, which compares with the +23,2 billion in fourth quarter 2021.
Assets under management down
Il total assets managed by the industry, which 52,4% concerns collective management, stood at 31 billion as of March 2.486st, down from the 2.594 billion of last December 31st.
Collective management
Taking the lion's share are once again the open funds, with +12,8 billion at the end of March, in line with the previous three months (12,9 billion). If you add the result of the closed-end funds (+1,2 billion, from the previous +3,3 billion), total net subscriptions of collective management amounted to +14 billion (from +16,2 billion).
Portfolio management
Portfolio management, on the other hand, in the first quarter recorded a prevalence of outflows, equal to -3,1 billion, against +7 billion in the fourth quarter of 2021. This sector, explains Assogestioni, is particularly affected by some intragroup transactions in the of institutional mandates.
Savers prefer equity funds
Among the funds, savers have once again directed their preferences to equity products, which accelerated in the first quarter with positive net outflows of €9,2 billion (from the previous +6,9 billion), and to balanced (+5,2 billion, after +5 billion).
The balance of subscriptions on flexible, on the other hand, dwindles to +364 million, from +2 billion, while on bonds there was a total disinvestment of 5,4 billion (after +2,1 billion). Finally, i funds with +3,4 billion, after -3,1 billion.
I funds under Italian law closed the quarter with negative net flows of -72 million after the +3 billion recorded in the previous three months, while for foreign funds the balance sheet strengthens to +12,8 billion (after +9,9 billion).
