Italian asset managers' net inflows up 63.5% y/y in October

By Laura Contemori and Mirko Miorelli

Italy's five listed asset managers' reported combined net inflows of 7.4 billion euros ($8.6 billion) in October, up 63.5% from 4.5 billion euros in the same month of 2024.

Net inflows into more lucrative managed assets doubled from last year, to a combined 5.3 billion euros.

WHY IS IT IMPORTANT?

The savings management industry is under pressure to protect margins from growing technology spending and competition from passive products and other cheaper forms of investment.

Though consolidation in the sector has traditionally proven challenging, players are increasing weighing M&A options as they brace for what experts have described as the largest intergenerational wealth transfer in history.

Italy's biggest insurer Generali G and French banking group BPCE are likely to abandon plans to merge their asset management businesses, sources told Reuters in October.

With interest rates falling, banks are increasingly turning to wealth management.

Conversely, asset manager Azimut Holding is spinning off a chunk of its business to set up a fintech bank, a project awaiting regulatory approval as the company complies first with recommendations supervisors issued following an inspection.

BY THE NUMBERS

QUOTE

"We believe all conditions are in place to close 2025 as one of the best years in our history, with net inflows into managed assets expected to exceed 8 billion euros," Banca Mediolanum CEO Massimo Doris said.

"Total assets exceeded the all-time high of 110 billion euros, forging ahead with the development path that led volumes to increase by nearly 40% in the three-year period," Banca Generali CEO Gian Maria Mossa said.

"We believe Fineco's model is set to benefit from the long-term structural trends in the asset gathering industry," Barclays analysts said in a note.

($1 = 0.8575 euros)