assets under management at 1,171 billion at the end of March

The Private banking in Italy closes a very positive first quarter. This is what emerges from the latest quarterly report of the Italian Private Banking Association (AIPB), according to which, in the first quarter of the year, 1,171 billion euros of assets managed (+6.3%), against 1,101 billion euros in the fourth quarter of 2023.

“Private Banking confirms itself as a growing sector in Italy, and does so by recording positive changes in all sectors. More than 100 billion euros in additional assets managed in the last two quarters, more than other data, illustrate the appreciation of customers towards a service model capable of accompanying investors in a continuously and rapidly changing market context”, he comments Andrea RagainiPresident of AIPB.

Growth favored by market effect

The growth of the masses was favored, first of all, by a market effect. The macroeconomic and financial scenario of the first three months of the year, in fact, was characterized by a positive performance of the stock marketswhich continued the growth phase (+10% in the Italian list and +9% in the USA).

The increase in American inflation has led the markets to review expectations on the date of the first interest rate cut by central banks, causing the rate growth for a long time both in Germany and in the USA. In such a context, the market effect contributed in a decisive way, recording a value of 33 billion eurosonly in the last quarter and 73 billion in the last 12 months.

The collection data is good

The flows deriving from the total net collectioncreated by the operators Private (+12 billion euros, up compared to 9 in the previous quarter), and an important organizational change of an operator for around 20 billion, demonstrating the growing attention by the Banks towards the distinctive needs of Private customers.

All the products of Private Banking have registered a positive change in the first three months of the year. THE Mutual funds of investment are, for the first time since December 2022, at the top of the ranking, recording growth of 19.4 billion euros.

In second place products bonds (+16 billion), followed by actions (+12 billion), insurance (+10 billion) e asset management (+6 billion).

There liquid assets (+3.6 billion) grew more than in previous quarters. Finally they close ETFs/ETNs/ETCs (+1.6 billion).

The performance of the individual sectors

Looking at the quarterly evolution of the sectors, the managed collection saw positive and significant growth (+8.2%), led by Government bonds (+11.7%) which gain new space in the composition (+1.1%). The data relating to also very positive actions (+9.7%).

After a difficult year, the managed collection sees an increase of 6.7%, thanks above all to Mutual funds investment (+8.1%). Even the ainsurance returns to growth (+4.6%), with quite similar results between its components (Multi Class, Class I and Class III), with the exception of Class V/VI Policies which grew by approximately 32%.

Finally, the direct collection recorded an increase of 3.6%, largely due to a change in scope. Of note, in the sector, is the significant increase in own bank bonds (+15.3%).