Italy Mutual Funds See Outflows For Second Consecutive Month
November 05 2010 - 10:23AM
Dow Jones News
Italian mutual funds posted a net outflow for the second month
in a row in October, totalling EUR1.3 billion, according to figures
released Friday by the country's fund management association,
Assogestioni.
The amount was less than the EUR1.74 billion that went out of
funds in September.
The outflows were primarily from money-market funds, from which
investors withdrew EUR2.0 billion.
Stock funds took in EUR704 million, while those for bonds had an
inflow of EUR146 million.
Hedge funds suffered outflows of EUR225 million.
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.
Rival UniCredit SpA (UCG.MI) competes through its Pioneer
Investments division.
Both banks have announced plans to sell or list their respective
asset management businesses to strengthen their capital ratios.
Apart from Intesa and UniCredit, shares of smaller asset
management companies such as Azimut SpA (AZM.MI), Mediolanum SpA
(MED.MI) and Banca Generali SpA (BGN.MI) are sensitive to the
monthly data as their profit is linked to income from fees.
-Gilles Castonguay, Dow Jones Newswires; +39 02 5821 9908;
gilles.castonguay@dowjones.com
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