The BTP Valore helps to push the collection of the consultancy networks in March, largely thanks to the record orders received for the purchase of the security dedicated to retail customers, always much loved by Italian savers. But even in the context of managed savings, bond funds cover a large portion of resources, together with insurance and pension products. This is what emerges from the latest monthly report from Assoreti, the association representing network banks, led by Marco Tofanelli.
Monthly collection is confirmed to be growing
The financial consultancy networks achieved net inflows of 6.6 billion euros in March, substantially in line with the previous month (+1%) and with a marked increase on the year (+23%).
The increased resources collected in March mainly flowed into administered financial instruments, with net investments of 4.7 billion euros. The lion’s share are government bonds with investments of 3.8 billion euros, of which 2.6 billion placed on the primary market. The result is the result of the appreciation of particular products, such as the Btp Valore, whose placement was scheduled for the month of March.
In the opposite direction, corporate bonds recorded a net outflow of 769 million and money market instruments showed a negative balance of 200 million.
Positive results for shares, with net investments of 614 million, and for exchange traded products, whose approval reaches 537 million euros, as well as purchases of certificates for 492 million.
Managed savings driven by mutual funds
As for managed savings, net collections of €2.9 billion were recorded in March, with the contribution of all product macro-families. The direct distribution of mutual investment fund shares did better, generating net flows of 923 million euros. A preference for bond funds is confirmed with a collection of 668 million euros, followed by monetary funds with 170 million euros. On the other hand, equity (-69 million), flexible (-95 million) and balanced (-21 million) recorded net outflows.
Individual asset management is involved in a markedly growing net collection of 1.1 billion euros, while securities management (GPM) generates the largest contribution with 756 million euros and fund management (GPF) collects 306 million euros.
Insurance and social security products recorded net flows of 905 million euros, with unit-linked products confirming themselves as the predominant component with net premiums paid amounting to 583 million euros.
Money runs away from liquidity
In a period of high or rising inflation, money flees from liquidity. The greater propensity to invest is accompanied by an outflow of net resources from current accounts and deposits of 973 million. “The data at the end of March highlight a picture of substantial balance of investments towards managed savings solutions and administered activities, drawing resources from liquidity during the month,” explains Marco Tofanelli.
Collection of over 17 billion in the 1st quarter
Overall net collection since the beginning of the year reached 17 billion euros with a growth of 14.5% compared to the first quarter of the previous year and with a substantial balance between the net flows destined for managed savings (8.2 billion) and those directed at the administered component (8.8 billion).
