(Finance) – Asset management slows down in the 3rd quarter in line with a more uncertain economic framework. According to the latest Quarterly Map published by Assogestionithe net collection was negative (-15.2 billion euros), while the heritage managed stood at the end of September a 2,224 billion euros, down compared to 2,277 billion at the end of June 2023. I outflows they particularly affected i open-ended funds (-7 billion euros) and the management of insurance products (-7.8 billion euros).
“Open-ended fundsi.e. the product class where the presence of retail investors is greatest, suffered in the quarter two movements, both negative“, has explained Alessandro RotaDirector of the Research Office of Assogestioni, spoke exclusively during the FR|Vision talk “The Big Picture”, adding “in addition to the collection, the market effect of -1.6% has in fact taken approximately 18 billion euros away from the masses, which overall have decreased by 25 billion euros for this category”.
Analyzing the cross-section of the data, we note how i balanced and flexible products recorded outflows of the same size compared to the previous quarter and equal to -4.3 and -6.4 billion euros respectively. Furthermore, the equity I am passed into the negative for the
first time this year, with a collection of -1.7 billion euros.
There positive note comes from inflows towards i bond funds: in the third quarter they amounted to +4.5 billion euros, which brings the amount raised since the beginning of the year to +16.2 billion euros. Plus sign also for i monetary funds at +933 million euros.
“Broadening our gaze to the last four quarters – commented Rota – we see how the bond funds maintain their collections very high, thanks to product innovation of Italian-branded funds and in particular those with maturity
Rota then underlined the positive collection of funds under Italian law (+849 million euros) and, adding this figure to the funds set up by Italian managers abroad, or roundtrips, it becomes -3.2 billion euros, a figure close to the -3.8 billion euros of pure foreign funds.
The picture of the third quarter is completed with the retail managementwhich recorded around 169 million euros in outflows, with i closed-end funds which raised 858 million euros mainly in favor of funds specialized in the investment of small and medium-sized unlisted companies and with them institutional managementnegative by around 9 billion euros.
“These outflows were concentrated in particular in the mandates having insurance products as underlying assets. However, if we focus on longer-term management, we note how the social security mandates have collected more than approximately 1 billion euros”, he concluded
Rota.