Italy’s networks of advisers posted €1.8bn net inflows in August scoring the best result ever for the month, industry association Assoreti has revealed.
As in previous months, inflows came from asset management products, which this time contributed to almost the totality of the inflows. Since the start of the year, Italy’s adviser networks have posted total net inflows of €15.6bn.
In July, total net inflows had contracted by 13.8% compared with June, coming in at a total of €2.2bn. According to Assoreti, the highest outflows were registered in liquidity (-€839m); administered products (-€823m) and debt securities (-€396m).
The positive result from the asset management sector was driven by insurance products, which posted alone total net inflows of €998.7m, slightly down compared with July .
OICRs (Italian law regulated Sicavs and mutual funds) posted total net inflows of €769.5m, again slightly down compared with July.
Looking at banks’ performance, Banca Mediolanum posted the best result (€403.6m); followed by Allianz Bank Financial Advisor (€340,4m) and Banca Generali (€283.5m).