The Italian asset management association, Assogestioni, said Thursday that total outflows at mutual funds in December reached a record EUR9.52 billion.

Assogestioni also said in a statement that fund outflows since the start of the year totaled EUR40.82 billion.

Equity funds in December registered net outflows of EUR511 million, it said, while bond funds recorded outflows of EUR2.27 billion and money market ones outflows of EUR1.90 billion.

Shares of asset-management companies such as Banca Generali SpA (BGN.MI), Mediolanum SpA (MED.MI) and Azimut SpA (AZM.MI), as well as Intesa Sanpaolo SpA (ISP.MI) and UniCredit SpA (UCG.MI), are sensitive to the capital flows data as inflows boost their profits from fees and commissions.

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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