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.
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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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By GlobalDataThe 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.
