October confirms the golden moment of managed savings in Italy with subscriptions for a further 12,4 billion euros divided between open funds (7,4 billion) and mandates (4,95 billion). With total inflows exceeding 110 billion since the beginning of the year, the industry is in fact preparing to close a year to remember: in the past, considering only the subscriptions of mutual funds, the best years were 1998, with inflows of 167 billion and the next, with inflows of 88 billion.
According to the preliminary monthly data by Assogestioni, last month saw the bonds (3,5 billion) exceed in funding i flexible (about 2,3 billion); but the latter maintain their primacy of preferred funds since the beginning of the year with inflows of 36,3 billion. Assets are constantly on the rise, renewing their historical record at 1.536 billion, represented by 54% by portfolio management and, for the remainder, by collective management.
Collection champion is Eurizon Capital, Intesa Sanpaolo group, with subscriptions for 3,5 billion euros. The asset manager of the other large Italian banking group also raises almost 2 billion, Pioneer Investments (Unicredit).
Returning to the fund categories in October, the month of turbulence on the financial markets, monetary funds, with 483 million, collect more than equities (260 million) even if less than balanced funds (approximately 900 million). In the first ten months of 2014, the funds that invest in liquidity instruments suffer the most consistent redemptions (-2,7 billion), thanks to the very low level of interest rates. The products exposed to the exchanges collected 7,7 billion, the balancing ones 8,96 billion.
Italian law products continue to defend their positions, subscribed in October for 3,12 billion compared to 4,3 billion of funds domiciled abroad; however, the balance since the beginning of the year remains in favor of the latter with a balance of 46,1 billion.
Among the foreign groups active in Italy, the French Amundi (755,5 million euros) and the German Deutsche Asset and Wealth Management (almost 700 million) should be noted for funding in October.
