Money market funds best performers in Italy

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Italy’s asset management industry saw another positive month in February, when net sales amounted to €9bn, industry association Assogestioni has revealed.

The positive result was equally distributed between funds and institutional mandates.

Total industry AUM now stands at €1.8trn, €942bn of which is invested in mandates and €880bn in collective management.

Foreign domiciled funds significantly outperformed Italy domiciled funds, with net inflows of €4.9bn aagainst outflows of €362m.

Among asset classes, money market funds were the best performers posting net inflows of €3.4bn. They were followed by flexible funds with €1.1bn, equity funds with €604m and hedge funds with €74m.

The Generali Group is still market leader with €3.6bn inflows in February and total AUM of €457bn. Eurizon Capital follows in second position with €1.8bn net inflows in February and total AUM of €346bn.