Italian asset managers net inflows up 70% y/y in September

By Laura Contemori and Mirko Miorelli

Oct 13 (Reuters) - Italy's five listed asset gatherers reported combined net inflows of 3.77 billion euros ($4.36 billion) in September, up 70.2% from 2.22 billion euros in the same month of 2024.

Net inflows into more lucrative managed assets rose 11.2% from the same month of last year, to a combined 2.43 billion euros, data showed.

WHY IS IT IMPORTANT?

The fund management industry is under pressure to protect margins from growing technology spending and competition from passive products and other cheaper forms of investment.

The industry is also bracing for what experts describe as the largest intergenerational wealth transfer in history.

With interest rates falling, Italian banks are increasingly turning to wealth management to support revenues while consolidation intensifies.

Monte dei Paschi di Siena (MPS) has picked fund business veteran Alessandro Melzi d'Eril as the new head of Mediobanca, of which it secured 86.3% in September following a hostile takeover.

Mediobanca will focus on private banking and investment banking, MPS CEO Luigi Lovaglio told parliament this week.

In April, Italy's third-largest bank Banco BPM bought fund manager Anima Holding, which at the time was led by Melzi d'Eril, as it fought a now failed bid by UniCredit .

Keen to secure distribution capacity in Italy, including for its fund business Amundi whose contract with UniCredit expires in 2027, Credit Agricole has discussed with Italian government officials terms for a possible tie-up between its Italian unit and Banco BPM.

BY THE NUMBERS

QUOTES "For September, [Fineco's] flows are predominately driven by asset under management, with assets under custody (AuC) flows and deposit flows contributing positively," Citi analysts said in a note.

"Credit activity was also very encouraging, with higher loans granted driven principally by mortgages, which have returned to a stable trajectory. In addition, protection premiums continue to point to growing interest in insurance solutions for families", Banca Mediolanum CEO Massimo Doris said in a statement.

"It was the second best September ever for the bank for which this is traditionally a challenging month due to seasonality", Banca Generali said in a note. ($1 = 0.8646 euros)

(Reporting by Laura Contemori, Philippe Leroy Beaulieu and Mirko Morelli in Gdansk; Editing by Valentina Za)