The asset management industry closed its doors in the first quarter of 2021 with total net inflows of 29.9 billion, a much better figure than in the last three months of 2020 when only 508 million entered the coffers of the managers. The good setting of the sector therefore continues, driven by the good performance of open-end funds (18.7 billion), but above all thanks to the significant contribution of sustainable products. On the other hand, the contribution of institutional management, which totaled just under 10 billion, was more modest. Assets rose to 2,469 billion, marking a new record. The largest share is managed by collective management (50.3%), compared to portfolio management (47.9%).
Open-end funds
In the first quarter, equities held the reins of the system and continue their growth with collections of over 13 billion. the second most popular type is that of the balanced ones (4.3 billion), while the consensus for bonds declined, passing from a positive net balance of 7.6 billion at the end of December to the current 2.8 billion. Monetary markets have returned to being used as partial parking for liquidity, which in three months collected 1.4 billion and returned to positive territory.
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Sustainable funds and Pir
Within the funds segment, the 1,205 sustainable products surveyed by Assogestioni with a quarterly balance of 18.1 billion proved to be decisive for the result of the industry. Of this large team of funds, 1,080 are compliant with article 8 of the European regulation on the transparency of sustainable finance and 109 follow article 9, which aims at all-round sustainability, while article 8 promotes, among other objectives, also the environmental or social one. At the moment the companies are betting more two funds compliant with article 8 because the European rules on the matter are not yet well defined. The marriage of sustainable funds at the end of March was 276 billion, a figure which affects the total masses for 11.2 per cent. Also in this case, the best-selling type was that of equities followed by balanced and flexible ones which are positive in this segment. Finally, from the PIR side, the quarterly result was negative for 316 million with assets of 18. 6 billion. This confirms the descending parable of these products that even in April were not able to get back on top.
The groups
Among the leading players in the sector, the quarterly figure of Generali (7.9 billion) is worth mentioning, which, according to a note released by the company, “benefited, in addition to the positive market dynamics, from new insurance mandates with customers outside the group, as well as flows on monetary funds within the insurance mandates under management ». Amundi and Blackrock raised respectively 2.6 billion, Jp Morgan 2.2, Pictet 1.9, Poste 1.4, Credem 1.6, Schroders 1.3, Bnp Paribas and Azimut 1.1 and Intesa Sanpaolo 849 million. Lastly, negative quarter for Anima Holding (-374 million), Franklin Templeton (-501 million), State Street Global (-575 million), Kairos Partners (-411 million) and M&G Investments (-346 million).