Italy’s networks of advisers net fund sales slowed down slightly in August compared with July, registering €1.9bn net inflows against €2.1bn.
Industry association Assoreti attributed the slowdown to the summer holidays and highlighted that August’s results were still higher than August 2014.
Investors keep favouring asset management products, which saw net inflows of €1.4bn (70% of total inflows), while administered products posted net sales of €561m, more than double than July’s €204m.
Net inflows coming from the direct sale Sicavs shares came at €422m, €357m of which were from foreign domiciled products and only the remaining €69m were from domestic products.
Among the banks distribution channels, Banca Fideuram’s adviser network posted the best result with €334.5m net inflows, followed by Allianz Bank with €330.19m and Banca Mediolanum with €326.6m.