By Alberto Chiumento and Alessandro Parodi
(Reuters) – Italy’s five listed asset managers reported combined net inflows of 6.03 billion euros ($6.57 billion) in February, up from 2.57 billion euros in the same month of 2024.
Net inflows into more lucrative managed assets increased to a combined 4 billion euros, from 721 million last year, the data showed.
Azimut reported inflows into managed assets of over 3 billion euros last month, helped by expansion in the United States where it increased its stake in Kennedy Capital Management.
WHY IT’S IMPORTANT?
The fund management industry is under pressure to consolidate to sustain rising technology investments amid growing competition from low-margin passive products and other cheaper forms of investment such as government bonds.
Yet, with interest rates declining, banks are increasingly turning to asset management to drive revenues.
Italy’s third-largest lender Banco BPM last week received the Bank of Italy’s go-ahead for its buyout offer to gain full control of fund manager Anima Holding. A week earlier, Banco BPM shareholders had voted to increase the offer to 7 euros per share from 6.2 euros previously.
Italy’s top insurer Generali and French bank BPCE in February signed a non binding deal to create Europe’s largest asset manager by revenue, following BNP Paribas’ acquisition last year of insurer AXA’s investment management arm.
BY THE NUMBERS
QUOTES
“February flows support our thesis on Fineco,” Jefferies said in a note. “It has been able to grow its AuM base above peers thanks to a competitive fee structure, nimble platform, and a wide product offer, and has been able to do it with a relatively low cost-to-income ratio.”
Banco Mediolanum’s February inflows “were very solid and above expectations in a month impacted by the issuance of the BTP Più [Italian government bond aimed at retail investors] for €14.9bn,” Equita said in a note.
($1 = 0.9176 euros)
(Reporting by Alberto Chiumento and Alessandro Parodi; Editing by Valentina Za)
