(Tiper Stock Exchange) – Equity hypothesizes net outflows for the ordinary PIRs equal to 550 million euros in 2022, with INCREASE to approximately 16.6 billion euros. According to data from Assogestioni, the total AUM promoted by the 64 PIR funds amounted to €16.5 billion at the end of the third quarter of 2022, and €1.45 billion for the 13 alternative PIR funds.
“We believe that the current macro uncertainty will continue to weigh on net inflows for the coming months, before a recovery that we expect in 2023he argues Luigi De Bellis, co-head of the Research Office of Equita, an independent investment bank listed on Euronext STAR Milan.
In the period 2023-25 esteem +€1.5 billion in net inflows for ordinary PIRs (of which around +500 million euros in 2023), while for alternative PIRs it is expected that they can reach 10-15 billion euros of AUM in 5 years (compared to the current 2.45 billion euros).
“Despite the short-term uncertainty, we continue to believe that Individual Savings Plans, both traditional and alternative, are excellent tools for investing in the medium to long term efficiently on Italian companies, in particular SMEs, with important tax advantages and diversifying the entry period over time”, says De Bellis.
It is remembered that the Budget Law 2023 extended the incentives for SME IPOs with a tax credit (of 50% of the consultancy costs incurred for the IPO which can be used as compensation starting from the tax period following the listing) with a ceiling of 500 thousand euros (from 200 thousand euros in 2022) and a ceiling of 10 million in 2023 and 10 million in 2024 (from 5 million in 2022 and 30 million in 2019-21).
Equita considers positively the extension of the incentives for IPOs, which have represented a fundamental support in recent years for the raising of capital and listings of Italian SMEs on Euronext Growth Milan. However, “it would be necessary to make this measure structuralin order to guarantee more visibility to companies that intend to undertake a listing process”, it is underlined.
Furthermore, analysts believe that PIR Alternative Funds are “a fantastic tool to provide capital support to real SMEs both private and public” and that “a renewal, for 2023, of the tax credit mechanism to cover potential losses (or a different type of credit) would support the success of the PIR Alternative”, also taking into account that: retail investors will appreciate, more than in the past, a special incentive after the extremely negative 2022; the operational complexities for placing these funds are been resolved by the banking network and therefore their action could be much more effective than in previous years.