Italian asset managers' net inflows up $5 bln in November
By Alberto Chiumento and Alessandro Parodi
Dec 10 (Reuters) -Italy's five listed asset managers reported combined net inflows of 4.77 billion euros ($5.02 billion) in November, up from an outflow of 868.5 million euros in the same month of 2023.
Net inflows of more lucrative managed assets rose to a combined 680.4 million euros, from an outflow of 1.33 billions last year, the data showed.
WHY IT'S IMPORTANT?
Italy's third-largest lender Banco BPM BAMI.MI in November launched a buyout offer to gain full control of investment firm Anima Holding ANIM.MI, becoming the latest Italian bank to turn to the asset management business to drive revenue.
That came amid growing consolidation in the Italian banking sector, and after France's BNP Paribas BNPP.PA in August entered exclusive talks with AXA AXAF.PA to buy the French insurer's investment management arm.
BY THE NUMBERS
November Inflows | November Inflows into managed assets | Year-to-date inflows | Total Assets | Managed Assets | |
ANIMA (*) | -693 mln | -693 mln | -4.80 bln | 206.2 bln | 206.2 bln |
AZIMUT AZMT.MI | 3.1 bln | 84.2 mln | 17.38 bln | 113.94 bln | 68.46 bln |
BANCA GENERALI BGN.MI | 510 mln | 385 mln | 5.67 bln | - | - |
BANCA MEDIOLANUM BMED.MI | 912 mln | 517 mln | 9.44 bln | - | - |
FINECO FBK.MI | 940.0 mln | 387.2 mln | 8.87 bln | 139.71 bln | 66.0 bln |
* Anima figures include Class I insurance mandates
QUOTES
"November's inflows mark another step in Azimut's growth journey .. as evidenced by the completion of the acquisition of 16 leading financial planning firms in Australia," the group's CEO Gabriele Blei said in a statement on Tuesday.
"Fineco has been able to grow its AuM (assets under management) base above peers .. with a relatively low cost-to-income ratio, which we expect to continue improving thanks to the scalability of its business model," Jefferies said on Thursday.
CONTEXT
Italian bank UniCredit CRDI.MI built a stake in Germany's Commerzbank in September and then launched a takeover bid for Banco BPM late in November, which was rejected by the Italian bank's management.
UniCredit's offer prompted France's Credit Agricole CAGR.PA to enter derivatives to raise its stake in Banco BPM to 15.1% from 9.9%.
($1 = 0.9507 euros)
Italian asset gatherers contend growing AuM market https://reut.rs/3ZKU5Uw
Reporting by Alberto Chiumento and Alessandro Parodi. Editing by Mark Potter
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