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 aggregators said total net inflows in September were 3.77 billion euros ($4.36 billion), up 70.2% from 2.22 billion euros in the same month in 2024.

The data showed that net inflows into more profitable managed assets totaled 2.43 billion euros, up 11.2% compared to the same month last year.

The fund management industry is under pressure to protect margins from rising technology spending and competition from passive products and other types of cheap investments.

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

With interest rates falling, Italian banks are increasingly turning to asset management to shore up their income as consolidation intensifies.

Monte dei Paschi di Siena (MPS) has chosen fund business doyen Alessandro Melzi d’Eril as the new chairman of Mediobanca, in which it acquired an 86.3% stake in September after a hostile takeover.

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

In April, Banco BPM, Italy’s third-largest bank, bought fund manager Anima Holding, then run by Melzi d’Eril, as it battled UniCredit’s failed bid.

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

QUOTES “For the month of September, [Fineco’s] Flows were predominantly driven by assets under management, with assets under custody (AuC) flows and deposit flows contributing positively, Citi analysts said in a note.

“Credit activity was also extremely encouraging, with high loans issued, mainly from mortgages, returning to a stable trend. Moreover, protection premiums continue to point to increasing interest in insurance solutions for families,” Massimo Doris, CEO of Banca Mediolanum, said in a statement.

“This was the second-best September ever for the bank in what has traditionally been a difficult 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)