Open-end mutual funds continue to drive the collection of the Italian asset management system which, in May, collects another 16,476 billion after the 15,8 billion in April. According to the monthly industry map edited by Assogestioni, the first five months of the year saw almost 88 billion euro arrive, of which around 62 billion catalysed by funds, with a clear preference for flexible open funds.
Also May confirms the success of this type of product, subscribed for 6 billion euro. Last month also saw an unprecedented explosion of money, which raised about two billion. The contribution to the asset management system was more contained with retail and institutional mandates which split almost equally in May about 5 billion euro of incoming flows. With 52,1% of assets, managed funds continue to represent more than half of the industry's assets, where collective management accounts for almost 48% (45,2% open funds).
Among managers, Eurizon Capital (Intesa Sanpaolo group) continues to take the lion's share with total group inflows of approximately 6 billion. In first place in terms of deposits are Italian groups: in addition to Intesa, Pioneer Investments (2,48 billion), Generali (1,36 billion) and Anima Holding (approximately 800 million). Amundi was the best foreign group with subscriptions of around 740 million followed by Deutsche Asset and Wealth Management (around 670 million).
Returning to funds, bond subscriptions slowed down to 1,75 from 4,57 billion in April, while balanced bonds collected 1,23 billion from almost 2 billion in the previous month. Shares are back in the black for 537 million. On the domicile front, in May funding continued to favor foreign funds with 8,58 billion, while Italian ones were subscribed for 3 billion. The data of the monthly map are preliminary in nature and constitute an anticipation of the more complete data of the corresponding quarterly map.
