Italian networks of financial advisers have posted total net inflows of €1.3 billion in July 2013, compared to €1.6 billion in June 2013, according to a report from industry association Assoreti.

Asset management products’ activity grew by 29% to €1.7 billion in July 2013, while administered products had a negative result of €411 million.

Citing the report, Investment Europe revealed that about 64.8% of inflows in asset management products came from the distribution of OICRs’ (collective asset management investment tools, including SGRs and Sicav) direct shares, with net investments above €1.1 billion.

Foreign funds saw the highest inflows, with a substantial balance between traditional common funds of €594 million and funds of funds at €560 million.

According to the report, flexible products had the highest inflows among foreign funds with €56 while balanced and stock products saw inflows of €244 million and €218 million respectively.

Under banks, Azimut had the highest inflows with €269,654 and Banca Mediolanum was in second place with €231,439 followed by Allianz Bank Financial Advisors with €222,947.

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The report said that the number of financial advisers working for Assoreti’s networks was 21,726, 93% of total sector’s workforce in the country.