Momentum not yet positive for Italian asset managers, Barclays says
** Barclays says that "the momentum has not turned positive yet" for Italian asset gatherers, preferring instead Italian banks again
** Analysts say that it will take more time for asset gatherers' inflows to recover in size due to competition from Italian bonds, still offering yield of around 3.3% over 3 years
** However, they are optimistic as H2 should "start to be better" vs H1
** For Q1, they forecast a 1.6% quarterly increase in assets under management on average, with gross management fees also expected to rise
** Mediolanum BMED.MI, rated as overweight, will have the "stronger set of result", they say, suggesting gross management fees will increase 7% quarter on quarter
** They note Azimut AZMT.MI shares, which hold an equalweight rating, might suffer from uncertainty in the short time
** The group has decided to spin off around half of its Italian business in a new company; 2025-2029 business plan coming in next months could offer details
** Fineco FBK.MI and Banca Generali BGN.MI are both rated equalweight, with net interest income set to contract over the quarter
Reporting by Alberto Chiumento
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