By Alberto Chiumento and Alessandro Parodi
(Reuters) – Italy’s five listed asset gatherers reported combined net inflows of 3.49 billion euros ($375.18 billion) for October, up from 7.9 million euros in the same month of 2023.
Net inflows into more lucrative assets under management rose to a combined 1.52 billion euros, from negative 1.53 billions last year, data showed.
WHY IT’S IMPORTANT
With interest rates declining, banks have turned to net fees and brokerage products to drive revenue and offset the declining contribution from their lending business. Banca Generali said a third-quarter profit beat was helped by demand for managed solutions.
Changes in the asset management industry and rising competition put pressure on margins and scale becomes increasingly important, driving consolidation in the sector.
Italy’s third-largest Banco BPM on Wednesday launched a buyout offer to gain full control of asset manager Anima Holding, which now it controls with a 22% stake, in an deal worth up to 1.6 billion euro.
BY THE NUMBERS
October October Year-to-d Total Managed
Inflows Inflows ate Assets Assets
into inflows
managed
assets
ANIMA (*) -1.01 bln -1.01 bln -4.16 bln 202.2 202.2
bln bln
AZIMUT 1.73 bln 1.04 bln 14.28 bln 107.90 66.83
bln bln
BANCA 424 mln 362 mln 5.16 bln – –
GENERALI
BANCA 1.37 bln 703 mln 8.52 bln – –
MEDIOLANUM
FINECO 979.3 mln 428.6 mln 7.92 bln 136.31 64.20
bln bln
* Anima figures include Class I insurance mandates
CONTEXT
Bankers including Mediobanca Chief Executive Alberto Nagel expect more consolidation deals after BNP Paribas in August entered exclusive talks with AXA to buy the French insurer’s investment management arm, while UniCredit’s plans to merge with Commerzbank has fed speculation about banking tie-ups in Europe.
(Reporting by Alberto Chiumento and Alessandro Parodi; Additional reporting by Philippe Leroy Beaulieu; Editing by Alison Williams)
