A clear progression that recorded by the asset management industry in Italy, which in twenty years, reports Assogestioni, has gone from total assets of 800 billion euros to 2,212 billion euros (+176%) at the end of 2022. There are many factors behind this growth: an increase in total deposits of 560 billion euro, of which 300 billion subscribed through funds; the favorable trend of the financial markets in the last decade, which with rates at their lowest have convinced many savers to seek better returns by investing in funds, portfolio management and unit-linked policies.
What the managers say
During the financial crisis, assets fell by almost 30% compared to 2007 and the sovereign debt crisis (2011/12) reduced it by a further 20%. The fear of the markets for the end of the policies ultra-accommodative central banks, recorded in 2018, and the post-Covid decline have however only slowed down a constant growth that has continued over the years.
Today, however, management companies are facing a particular situation: on the one hand, the significant rate hikes they depress bond prices and as a result also the performance of the fixed-income component of funds and management; on the other hand, the surge in consumer prices encourages households to make better use of the ‘hidden’ liquidity which would end up suffering the corrosive effects of inflation. Added to all this, complicating the scenario, is the high volatility of the markets and geopolitical tensions.
As far as market leader companies are concerned, the current context is quite crowded: a country of large savers like ours attracts operators from both sides of the ocean; the Italian market is a market that over time it changed its composition as a result of the concentration process of the banking sector and the entry and exit of several large operators.
The classification of managed savings
Today, according to the statistics compiled by Assogestioni, the group leads the asset management ranking Intesa Sanpaolo with 485 billion euros of assets, undermined by the Generali Group within a few billions. The ranking continues with Amundi group (212 billion), Anima Holding (177 billion) and Poste Italiane (94 billion).
If we consider only the assets of open-end and closed-end investment funds, the ranking is again led by Intesa Sanpaolo, with Eurizon alone managing 208 billion euros, followed by Amundi, Generali and Blackrock. In Europe the scenario changes radically. The company Refinitiv – a global supplier of data and financial market infrastructures – indicates the US Blackrock as the largest “fund promoter” in Europe, with 1,289 billion dollars under management (1,182 euros).
The wallets
On the “qualitative” side, we note a marked Italian presence in funds and sicavs. In fact, according to the statistics provided by the Bank of Italy concerning the assets and liabilities of Italian mutual funds (which represent a minority share), in 2022 they contributed approximately 21% to the total portfolio of products offered to the public. Fixed income has the highest share of securities in portfolios, a choice justified by the higher yield offered compared to securities of other countries.
Equity investment is decidedly more foreign-loving: here, in fact, the composition of the Italian list plays a decisive role, where financial and industrial titles abound, while they are scarce those with greater growth prospects such as technology; the percentage of Italian shares in the portfolio is around 19% in 2022, a value, however, slightly higher than ten years ago, with a peak of 25% reached between 2017 and 2019.