The repercussions associated with the crisis in the Middle East may have given a boost to the banks’ consultancy activity, which recorded a jump in collections in February, according to the latest data from Assoreti. In February, net collection volumes stood at 6.5 billion euros, a clear increase (+65.6%) compared to the previous month and an increase (+8.1%) also on an annual basis.
“The evolution of the collection demonstrates how financial consultancy is taking on an increasingly structural role in the behavior of Italian families. It is not just a matter of orienting oneself between products, but of making decisions based on real needs, in a complex context, with a long-term perspective”, states Marco Tofanelli, General Secretary of Assoreti.
Managed savings drives collections
Managed savings confirms itself as the main driver of monthly collections, with net flows of 3.7 billion euros (+13.8%), which bring total collections since the beginning of the year to 5.3 billion euros (+11.1%).
The direct distribution of mutual investment fund units generates net collections of 1.9 billion euros (+11.6%). The main contribution comes from foreign funds with 1.6 billion euros (+7.9%) while the net resources invested in Italian funds stand at 158 million euros (-14%).
The preference remains for bond funds with 815 million euros of funding, followed by flexible funds with 501 million euros. Positive contributions were also recorded for equity (98 million) and monetary (36 million), while balanced ones collected 18 million euros.
Individual asset management recorded net flows of 761 million euros (+15.6%), while insurance and pension products collected 1.1 billion euros (+16.4%), driven by unit-linked policies with 1 billion euros. Traditional life insurance policies contribute 152 million euros while multi-line products record a net outflow of 183 million euros. Overall, net collections from pension funds and individual pension plans reach 123 million euros.
Administered savings driven by financial instruments
The collection of administered savings reaches 2.8 billion euros (+1.4%), bringing the overall collection since the beginning of the year to 5.1 billion euros (+8.2%). In the area of administered financial instruments, which total collections of almost 1.7 billion, interest is confirmed in exchange traded products (ETPs) in which net investments of 703 million euros are made. This is followed by certificates which record net flows of 346 million euros, while the balance of movements made on shares is positive for 183 million.
Positive results also for corporate bonds (165 million) and, to a lesser extent, for government bonds (118 million). However, the propensity for liquidity is reduced and stands at 1.1 billion euros.
Fideuram – ISPB first in terms of collection
Fideuram – Intesa Sanpaolo Private Banking confirms its first place in terms of net inflows, with 1.83 billion euros in February, which brings the total for the first two months of the year to 2.33 billion euros.
Managed savings recorded a net collection of 1.07 billion euros, for a total of 999.5 million since the beginning of the year, while administered savings collected 760.1 million in the month and 1.33 billion since the beginning of the year. In particular, advanced consultancy collected 444.8 million euros in February and 674.6 million since the beginning of the year.
Among the competitors, following in terms of collection size are Finecobank with 2.05 billion in collections in the two-month period (1.3 billion in February) and Mediolanum with 1.6 billion euros (1.05 billion in February).
