Eurizon reports 25% rise in net income YTD through September

Jonathan Boyd
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Eurizon reports 25% rise in net income YTD through September

Consolidated net income in the first nine months of 2017 rose 25% to some €362.5m compared to the same period last year, Italian manager Eurizon has reported in its latest financial results.

Net inflows since the start of 2017 hit €15bn, bolstered by some €1.6bn of net inflows to products compliant with the Piani Individuali di Risparmio (PIR) regime. Ranked by flows, Eurizon is the top manager in the Italian market, according to figures from industry body Assogestioni, while the flows to its mixed asset funds put it in top spot in this part of the industry, according to Thomson Reuters Lipper fund flow data it cites.

In the third quarter of 2017, Eurizon reported inflows of almost €2bn to flexible funds, and €1.14bn to bond funds. Since the start of the year these areas respectively saw inflows of €5.7bn and €6.8bn, although money market funds have seen outflows of €1.9bn.

PIR flows have hit €1.6bn since launch, of which €1.4bn represents retail funds.

Total assets by the end of September were €385bn, including €78bn from Penghua, the Chinese business.

Fees and commission hit €496.7m over the period, up 22% on the same period a year ago.

Eurizon reported that it launched 69 products for retail and institutional investors in the first nine months of the year, of which 61 were Italian funds, and eight were Luxembourg sub funds. Areas of focus for these new products include liquidity and yield.

In the last quarter, the manager also introduced and Advisory Board, which constitutes a committee analysing macroeconomic factors, including economic, political and geopolitical factors that may influence investments.