(Finance) – The Italian market of managed savings attracted almost twenty billion euros during the third quarter of the year, a period dominated by caution that preceded the American elections and the nomination of Donald Trump. According to the latest quarterly map of Assogestoni the total collection of the managed savings industry between July and September 2024 is equal to approximately 19.3 billion, while assets have risen further, reaching 2,463 billion euros.
Favorable performance effect
The definitive data for the third quarter certify a positive picture, also supported by a favorable performance effect and equal, according to the estimates of the Association’s Research Office, to +2.8%, for the benefit of all products.
Money returns to open-ended funds
As regards open funds, the category with the greatest retail participation, the assets grew in the last quarter. A result which, according to Alessandro Rotadirector of the Research Office of Assogestioniwhich spoke during the talk “The Big Picture”, is the combined effect of three positive pushes: a net collection of new savings flows of around 7.4 billion of euros, to which is added a market effect very important than almost 30 billion euros equal to +2.5% and finally, a small one perimeter effect of approximately 2 billion euro, the result of the entry of a new group into statistical reporting.
The positive collection, equal to 7.4 billion, compares with outflows of 3.4 billion related to second quarter of the year, bringing the balance sheet from the beginning of the year to +2 billion euros.
“The collection of the last quarter – explains Rota – more than compensates for the outflows of the first half of the year. It is a clear reversal of trend which arrives a little late compared to the good performance of the market, which benefited the investors who have remained invested during this period”.
Which funds performed best
In terms of product type, it is noted that Italian funds raised 2.8 billion euros in funding in the third quarter. Positive sign also for cross funds border (+3.5 billion euros) e roundtrip (+1.1 billion euros). THE
“The Italian funds have maintained their positive streak for more than four quarters. – underlines Rota – The cross-border funds, on the other hand, have made a clear reversal of sign together with the roundtrip and they clearly recover the outflows since the beginning of the year”.
On the category front, the trend of past quarters is confirmed, which sees constant success in the category bonds (+9.88 billion) with collections that came close to reaching the figure of 10 billion euros for two consecutive quarters. Good news for funds too equity and balanced which in the third halved the outflows to -2.7 and -1.3 billion respectively.
Collection by channel
The detail on collection by channel shows that the networks of financial advisors they grew quarter after quarter. The trend among them remains negative institutional investorsinfluenced by the underlying insurance products.
The other products
Finally, in the third quarter, the balance of the other managed savings products and portfolio management was also positive.
“Let’s conclude the picture with the portfolio management dedicated to retail customers, in particular upper affluent – underlines Rota – who raised around 2.4 billion euros in the last quarter”.
Closed funds – underlines Rota – they instead attracted +1.3 billion euros, almost all concentrated among products that invest in medium and small unlisted companies. The institutional management instead they recorded 8.2 billion euros in inflows.