Italy's networks of financial advisers posted €1.6bn of net inflows in May, down -5.7% compared with the previous month, industry association Assoreti revealed.
Italy’s networks of financial advisers posted €1.6bn of net inflows in May, down -5.7% compared with the previous month, industry association Assoreti revealed.
The slowdown in net inflows reflected a fall in the value of assets under administration, which declined by €1.3bn.
Conversely, asset management products have registered net positive inflows of €2.8bn (+5.9% against the previous month).
Among the banks, Azimut Group is leading the league with €344m of net inflows, followed by Banca Fideuram Group with €310m.
The performance was also positive for Allianz Bank with €302m of net inflows, followed by FinecoBank and Banca Generali, which attracted €250m and €246m respectively.
Flows were negative for UBI Banca Private Investments, with net outflows of €27m, as well as for Hypo Alpe-Adria-Bank with €-11m and Consultinvest with €-4m.
Although flows were negative again for Banca Monte dei Paschi di Siena (MPS), a slightly better result was registered by the bank with -€15m compared with -€35m of last month.