Il 2020 it was a record year for the Italian asset management industry. Second Assogestioni, closed last year with total assets of 2.421,5 billion euros, a new all-time high (+86,7 billion compared to 2019). The net balance of subscriptions since the beginning of the year is equal to +14,6 billion. I shine above all collective management, which recorded net subscriptions up by 30,2 billion (from +8,9 billion in 2019). Negative data instead for portfolio management (-15,6 billion), mainly due to a one-off technical transaction by the Generali group; transaction linked to the administrative simplification of the portfolio of an institutional customer, which weighed on the quarterly balance of insurance mandates (-21,9 billion).
In fourth quarter 2020 total net inflows from managed assets were positive by 223 million (after +15,1 billion in the third quarter), reflecting, on the one hand, the +14,6 billion of collective management (after +10,4 billion) and on the other i -14,3 billion in portfolio management (after +4,7 billion).
In detail, open funds recorded net outflows of +11,3 billion, after +9,6 billion in the third quarter, making transactions for the year rise to +23,6 billion, while for closed-end funds the balance is +3,3 billion, after +723 million, to a total of +2020 billion in 6,6, favored in particular by real estate funds (+1,7 billion in the quarter and +4 billion in the year).
Among the open funds, the preferences of Italian families went by far to the equity with +10,3 billion in the fourth quarter (after +5,9 billion in the third), which brings the category's net inflows in 2020 to +18,8 billion.
Also appreciated bonds, which mark +9,5 billion over the year thanks to the sprint in the second half (+7,2 billion in the fourth quarter and +6,8 billion in the third).
Final in crescendo also for i balanced, which recorded positive annual flows of 8,1 billion, supported by +5,1 billion in the last quarter, after +1,1 billion in the previous one.
All the way back instead for the funds flexible, with total outflows of -18,2 billion, after -4,2 billion in the fourth quarter and -4,7 billion in the third.
Last glimpse of the year stingy even for funds monetary, with quarterly outflows of €7,3 billion.
In this context, the asset management companies belonging to the Intesa Sanpaolo group (Eurizon, Fideuram and Pramerica) took first place in funding, with over 6,6 billion euro.
In particular, Fideuram recorded inflows of 2,16 billion in the last quarter of the year and assets under management of 100,9 billion, while Pramerica the period closed with negative inflows of 74 million and assets under management of 67,8 billion. The best result, however, is that of Eurizon, with funding of 4,55 billion and assets of 345 billion.
Finally, a negative closing of the year for the collection of Pir compliant funds. Again according to Assogestioni data, the net balance of movements in 2020 for this product category is equal to -759 million euros (-403 million in the fourth quarter and -178 million in the third). The assets promoted by the 71 Pir funds amounted to 17,8 billion at the end of 2020. In 2019 the Pir funds had recorded net outflows of 1,1 billion, with promoted assets of 18,7 billion.
In 2020, the largest outflows concern i Pirs balanced, with -194 million in the fourth quarter, after -107 million in the third, to a total of -321 million since the beginning of the year, with assets under management of 8,04 billion, equal to 41,5% of the total.
I Equity PIRs they recorded outflows of -74,1 million in the three months to December, after -37 million in the previous quarter, to a total of -281 million in the whole of 2020, with assets of 4,7 billion (26,3%).
The streams on Flexible Pirs they amounted to -132 million in the last quarter of the year, after -32 million in the quarter to September, to a total of -157 million for the whole of 2020, with assets of 4,86 billion, equal to 27,3% of the total .
- bonds they closed the year with -1,3 million in premiums, after -3,1 million in the fourth quarter and -1,4 million in the third, with assets of 217 million (1,2% of the total).
