After four consecutive months of bleeding, the managed savings system in Italy returns to the black in August thanks to the subscriptions of open funds – primarily bonds – and institutional portfolio management. In a traditionally insignificant month for the sector, the industry collects 1,75 billion according to preliminary data released today by Assogestioni.
Subscriptions exceeded redemptions for the first time since March, when hopes were held for a turnaround after a year of outflows. Assets at the end of August stood at 976,8 billion, slightly above the March levels (973 billion) thanks to flows and the market effect.
"I would hope that this is a small sign of a rapprochement with the fund instrument and the emergence of awareness that in a phase of complexity like the current one there is a need for professional investment support", Giovanni Papini, Chief Executive Officer of UBS Global Asset Management Italy, told Reuters. “I wouldn't give it a striking value but a positive value,” she added.
The balance of the system remains in the red in the first eight months of the year for about 7 billion. The minus sign is largely due to outflows from portfolio management (-6,85 billion), especially retail (-5,3 billion). Subscriptions to closed-end funds nearly offset outflows from open-ended funds at the end of August, leaving a negative balance of about 200 million for collective management in 2012.
