Net inflows at Italian asset gatherers up 3% y/y in September

Reuters

Net inflows at Italian asset gatherers up 3% y/y in September

2024 10월 8, 오후 4:26 GMT

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By Alessandro Parodi and Alberto Chiumento

MILAN, Oct 8 (Reuters) -Italy's five listed asset gatherers reported combined net inflows of 1.31 billion euros ($1.44 billion) for September, up 3% from 1.27 billion euros in the same month of 2023.

Net inflows into more lucrative assets under management (AuM) rose to a combined 1.25 billion euros, up from 353.8 million last year, data showed.

WHY IT'S IMPORTANT

The asset management industry is undergoing changes as rising competition puts pressure on margins and scale becomes increasingly important, with further consolidation in the sector seen as inevitable down the road.

Bankers including Mediobanca MDBI.MI Chief Executive Alberto Nagel expect more consolidation deals after BNP Paribas BNPP.PA in August entered exclusive talks with AXA AXAF.PA to buy the French insurer's investment management arm, while UniCredit's CRDI.MI plans to merge with Commerzbank CBKG.DE has fed speculation about banking tie-ups in Europe.

BY THE NUMBERS

	September Inflows	September Inflows into managed assets	Year-to-date inflows	Total Assets	Managed Assets
ANIMA (*)	-1.05 bln	-1.05 bln	-3.16 bln	204.3 bln	204.3 bln
AZIMUT	1.25 bln	1.02 bln	12.55 bln	106.12 bln	65.79 bln
BANCA GENERALI	310 mln	216 mln	4.73 bln	-	-
BANCA MEDIOLANUM	334 mln	595 mln	7.16 bln	-	-
FINECO	466 mln	463.8 mln	6.94 bln	135.27 bln	63.81 bln

* Anima figures include Class I insurance mandates

GRAPHICS

QUOTES

"We think that Finecobank can now start to outperform thanks to more helpful macro, as lower rates can boost AuM flows, while deposit outflows are abating," Jefferies said.

Banca Generali reported a strong growth in demand for assets under investment, adding its inflow mix would accelerate in the last quarter of 2024.

CONTEXT

Inflows data at asset gatherers give indications on banks' quarterly earnings. With interest rates declining, banks have turned to net fees to drive revenue and offset the declining contribution from the lending business.

($1 = 0.9109 euros)

Italian asset managers contend lucrative AuM market https://tmsnrt.rs/4dFwUim

Reporting by Alessandro Parodi and Alberto Chiumento, editing by Keith Weir

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