Italy Jan Mutual Fund Inflows At EUR260 Million - Assogestioni
February 04 2010 - 8:26AM
Dow Jones News
Italian mutual funds posted a net inflow of EUR260 million in
January, according to figures released Thursday by the country's
fund management association, Assogestioni.
In a emailed statement Assogestioni said inflows were mainly in
bond, mixed and equity funds while liquidity ones suffered outflows
worth EUR1.62 billion and hedge funds registered outflows of EUR421
million.
Analysts forecast a recovery of the asset management industry in
2010 as more than EUR100 billion in assets is expected to be
repatriated by Italians following a tax amnesty plan launched by
the government in October.
Asset management in Italy is dominated by the country's largest
retail bank, Intesa Sanpaolo SpA (ISP.MI), through its Eurizon and
Banca Fideuram units, which have about EUR200 billion of assets
under management in the country. UniCredit SpA's (UCG.MI) Pioneer
Investments unit manages assets of EUR115 billion in Italy.
Shares of Italian asset management companies such as Azimut SpA
(AZM.MI), Mediolanum SpA (MED.MI), Banca Generali (BGN.MI) and
Anima SpA (ANM.MI) as well as Intesa Sanpaolo SpA (ISP.MI) and
UniCredit SpA (UCG.MI) are sensitive to the monthly data as their
profit is linked to income from fees.
Association Web site: www.assogestioni.it
-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906;
sabrina.cohen@dowjones.com
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