The managers close the month of November with positive inflows of € 7.7 billion, thus improving the October result (€ 6.4 billion) and bringing the balance from the beginning of the year to € 83.9 billion. These numbers are far higher than in the same period last year, when 5.9 billion entered the funds of the managers on a monthly basis and from the beginning of 2020 23.3. Proof that managed savings have not felt the weight of the uncertainty generated by the persistence of the health crisis. Indeed, over the course of this year more and more savers have relied on managers, despite the fact that the amount of liquidity parceled out on current accounts is still very high (1,800 billion).
The growth of assets
In terms of assets, the total assets of the asset management industry at the end of November rose to 2,574 billion with a revaluation of 7.5% compared to the same period last year. Collective managements control 51.5%, while portfolio managements the remaining 48.5%, therefore without major deviations from previous surveys.
Mutual funds
It was still these products that made the main contribution to the global balance of the industry. Open-end funds with a collection of 3.5 billion totaled more than that collected by retail and institutional management combined (3.2 billion). Furthermore, the result achieved by closed-end funds is close to one billion. From January to the end of November, fund managers raked in 59 billion, which means that over 70% of what the asset management industry in Italy raises comes from these instruments. Just to get an idea of the brilliant trend of these products in 2021, from January to November 2020 the collection stopped at 16 billion.
The categories
Broadly in line with the October figure, also in November the equities obtained the highest consensus with 2.4 billion, closely followed by the balanced ones who collected 1.8 billion also in this case, replicating the trend of the previous month. Among the equities, the PIR trend in November recorded positive inflows of 172 million and reported the plus sign to the result from the beginning of the year (115 million). Monetary accounts in the red for 1.2 billion, while bonds with assets of 254 million more than offset the deficit in October. Equities have also held the reins of the sector since the beginning of the year (30.4 billion), while flexible ones closed the ranking of categories, closing the period with a negative balance of 1.8 billion. These numbers tell nothing new compared to what we have seen so far: the increasingly consolidated presence of equities in investors’ portfolios, a progressive abandonment of monetary funds (evidently the liquidity is left on current accounts) and the tendency not to delegate in full the asset allocation choices to the manager.
The societies
In November, the groups highlighted Amundi, Anima Holding and Poste Italiane which, thanks to the institutional mandates, respectively raised more than 2 billion. Conversely, there was a change in direction for Intesa Sanpaolo (-666 million) and for Jp Morgan Asset Management (-190 million). For Generali the balance is negative for 1.3 billion due, as usual, to intra-group movements.