Total deposits of the asset management industry in Italy turned negative. With a loss of 926 million, the sector interrupted the long series of positive data that characterized its trend for a long time. From the beginning of the year, however, the balance is largely positive (9.7 billion). This is what emerges from the usual monthly statistics released by Assogestioni, the Italian association of asset managers. The setback was mainly caused by the figure for portfolio management and in particular by the -44 billion left on the ground by institutional mandates. Once again it is the intragroup transactions of some large management houses that have determined the fate of the system as a whole, rather than the portfolio choices or any repositioning based on present and future market dynamics.
In March it was the Poste Italiane group that had a very significant impact on the total industry with a negative result on institutional mandates for 4.2 billion. With movements of this magnitude it is difficult to identify the real trends taking place on the market as a whole in terms of investor orientation. In any case, the open-end funds segment held its course in March; with positive receipts of 2.2 billion, they confirmed their growth phase (+11.3 billion since the beginning of the year). The figure is lower than the almost 4 billion in February, but if we consider the complex geopolic (conflict in Ukraine) and economic (galloping inflation and recession risk) situation, the data is respectable (as well as being positive for two consecutive years Since January, collective management has traveled with net inflows of 12.3 billion, while for portfolio ones, on the other hand, the accounts are in the red for 2.7 (-6.3 mandates and +3.7 retail management) .
The masses under management
Slight filings also for the total assets which, thanks to the combined effect of outflows and the market, in one month went from 2,508 to 2,502 billion. However, the weight of open-ended funds continues to grow, with assets of 1,236 billion, now managing 49.4 per cent of the total. The incidence of portfolio management, on the other hand, fell to 44.7%.
Mutual funds
Among the ranks of these products, the presence of equities in investors’ portfolios increased in March; this type in fact collected 2.4 billion, improving the figure compared to February (2.2 billion). On the other hand, the balance of bonds has clearly worsened, which widened the deficit from -738 million to -1.8 billion. Monetary and balanced markets were down but still positive, while flexible positions improved (from 175 to 203 million). In terms of domiciliation, it is always the products under foreign law that hold the reins of the system (2.5 billion) while for the Italians the balance remains negative (-329 million). The former from the beginning of the year to the end of March collected 11.4 billion, the latter lost 63 million.
The societies
The group that recorded the best result of all in March was Amundi, whose homes entered 1.2 billion, but the data of Deutsche Bank and Intesa Sanpaolo were also particularly good which, thanks to the push of open funds, have put in the pipeline respectively 733 and 619 million. Positive accounts also for Morgan Stanley (654 million), thanks above all to institutional mandates. Other positive figures also include Mediolanum (484 million), JP Morgan Asset Management (447 million) and Mediobanca (272 million). In addition to the Poste Italiane figure, intra-group transactions were also particularly demanding for the Generali group (-994 million), but in this case the redemptions from open funds (determined by the now usual intra-group movements) weighed on the accounts.