According to the Italy country head, four main trends have emerged from the survey’s results. The first one he highlights concerns a revamping of products according to client needs.
“Multi-asset solutions and liquid alternatives are the bigger winners both on the retail and the institutional sides. In the mutual funds space, we see a good 19% going towards multi-asset solutions; 22% to liquid alternatives and 7% and 2% respectively going into ETFs and smart beta strategies respectively,” he says.
Meanwhile, as yields drop in the fixed income space, Lamanna says the second trend highlighted by the survey is that of clients looking for specific products that are able to address their specific needs, rather than generally fashionable products like it used to be back in the days when, Italian investors in particular, would invest in fixed income and real estate simply as a default option.
“As yields in fixed income are not as attractive as they used to be in the past, investors are hungry for more interesting returns. For this reason, multi-asset products are ideal for them.”
Finally, the survey stressed the rise of a more complex market environment where asset managers need to explain the level of risk involved not only to institutions, but also to boards of directors as new regulatory legislation is set to kick in.
A fourth and final main trend to emerge from the survey was, according to Lamanna, the pressure that higher costs are putting on asset managers.
“Despite looking positively at the future, 70% of the asset managers the survey questioned have answered ‘yes’ to the question about the pressure of costs on their business,” Lamanna concludes.