Azimut Holding, the parent company of the Italian asset manager Azimut, has said in a note it expects to reach approximately € 500m in total net inflows in July 2019.
From this amount, €350m will come from Italy (with at least € 325m into managed assets) and the remaining €150m from its international operations, "whose data collection period is slightly longer than the domestic one," said Azimut in a note. It added that the released numbers are temporary and that the final numbers will be posted during the first few working days of August.
The Group has achieved positive net inflows of €3.2bn over the seven months to July, of which €1.2bn belong to Italian operations.
We believe this result to be an inflection point, especially compared to last year, allowing us to look with confidence at the remainder of the year."
Pietro Giuliani, chairman of the Group, said: "The strong numbers coming from Italy are the result of the intense activity carried out by our financial advisers and wealth managers, demonstrating the strength of our business model which is translated for customers into a net weighted average performance year to date of more than +6.9%.
"We believe this result to be an inflection point, especially compared to last year, allowing us to look with confidence at the remainder of the year."