(Finance) – In November the net collection of the consultancy networks reached 4.9 billion euros, marking an increase of 95.4% on an annual basis. For the seventh consecutive month, trend growth dynamics were recorded which became more incisive between October and November, with volumes almost doubling compared to the previous year. The net resources allocated to managed savings products, with a total value of 2.7 billion euros, have more than quadrupled compared to what was achieved in November 2023 and the prevailing interest in bond funds is confirmed. This is what he says Assoreti, the Association of Investment Advisory Companies, regarding the November 2024 collection data.
The managed sector marks an annual growth of 15%, with 2.2 billion euros; the balance of movements in financial instruments is negative for 231 million, mainly due to the outflow of resources found on government bonds, while liquidity grows by 2.4 billion. The balance sheet from the beginning of the year – he underlines Assoreti – it is, therefore, positive for 45.3 billion, with a growth of 18.8% compared to the previous year; the net resources invested in managed solutions amount to almost 21 billion, while 24.3 billion euros gravitate in the managed sector between financial instruments (18.5 billion) and current accounts and deposits (5.8 billion).
There net collection associated with the consultancy service with specific fee (fee only/fee on top) stood at 581 million euros in November; the budget since the beginning of the year amounts to 10.5 billion.
“Also in November the Networks achieved an important result, consolidating the growth of the industry thanks to verified models of qualified consultancy provision. The remodulation of investment choices also continues, with more resources allocated to solutions
managed, a decline in interest in government bonds and, recently, a return to liquidity” he states Marco Tofanelli, general secretary of the Association.
Managed savings
The trend growth of the sector involves all macro product families with similar dynamics. The direct distribution of mutual investment fund units determines net collection volumes of 1.2 billion euros (+339% y/y), between collective management
under foreign law (1 billion) and under Italian law (236 million). Investment choices continue to favor bond funds (1.1 billion) followed by flexible (386 million) and monetary funds (130 million); the negative balance of the category is confirmed
equity (-325 million) and balanced (-117 million).
Net payments made on insurance/social security products amounted, overall, to 920 million euros (+372% y/y); net premiums in unit linked are worth 305 million, those intended for multi-line products and traditional life policies are respectively equal
to 242 million and 220 million, while net collections in strictly social security products reach 154 million euros.
Net collections in individual asset management stood at 529 million euros (+335% y/y); the investment in Gpm prevails, which brings together net resources of 290 million euros.
In the month of November, therefore, the overall contribution of the Networks to the system of open UCIs, through the direct and indirect distribution of units, was positive for around 2.1 billion euros, a result which compensates for the outflows made by the other channels and determines the closure
break even for the entire system (15 million). The same dynamic is observed in the evaluation from the beginning of the year; the contribution of the Networks amounts to almost 17 billion euros and brings the balance of the entire open-end fund industry to a positive figure (4.7 billion).
Managed savings
The overall balance of movements involving the administered financial instruments is negative for 231 million. The outflows of resources involve in particular government bonds (-856 million), certificates (-112 million) and money market instruments
(-53 million). For equities there is a prevalence of purchases over sales for 377 million euros; the balance of exchange traded products (309 million) and corporate bonds (177 million) was also positive.