In mid-2024, the assets of the Italian managed savings market stood at 2,374 billion euros, supported in particular by a positive performance effect of 0.3% in Q2, while the collection figure was equal to -7.05 billion euros. This is what emerges from the final data of the Assogestioni Quarterly Map for the second quarter, illustrated by Alessandro Rota, director of the Research Office of Assogestioni, in the FR|Vision talk “The Big Picture”.
Portfolio Management
The main factors that had an impact on the final budget were: portfolio management, with a collection figure of -5.25 billion euros. “Retail portfolio management for upper affluent and private customers in the second quarter – explains Rota – attracted +2.37 billion euros of new capital. Institutional management closed at -7.62 billion euros, a figure that nevertheless saw a positive net collection of 434 million euros of social security mandates”.
Open funds
There category with the highest retail participation, that of open-ended funds which, according to the latest Observatory of subscribers of the Research Office, involves approximately 11 million Italian investors, between April and June recorded a net collection of -3.41 billion euros, while the assets amounted to 1,215 billion euros, up compared to the 1,201 billion at the end of March 2024. “On the masses of open-end funds – commented Rota – three dynamics intervened: outflows, a positive market effect of 0.9% equivalent to approximately +11 billion euros and a perimeter effect that added a further 6 billion euros. The uncertainty on the markets still weighs on collections, but also the competition from administered savings”.
The breakdown by type shows that “the good performance of Italian funds in terms of collections has continued for at least four quarters and is intensifying, especially due to the launch of new products with a maturity date – specified the Director of the Research Office of Assogestioni –. On the other hand, the negative data of foreign funds is to be attributed in particular to the outflows that affected insurance products of which these products are often the underlying. That said, the market effect was positive for all the typologies considered”.
On the front of the collection channels “the data – he underlined Rota – highlights a good performance by the networks, while banks record more volatile collections and institutional and wrapper products are affected by divestments from insurance products”.
Regarding the data by category Rota explained how the detail confirms “the minus sign in Q2 for equity funds (-5.4 billion euros), balanced funds (-6.07 billion euros) and flexible funds (-3.4 billion euros), while the intense positive collection of bond products continues, in continuity with the trend of previous quarters and supported by the launch of new-generation fixed-term funds, which is based on the higher interest rates seen on the markets starting from 2022”. bond funds in fact, they recorded 10.69 billion euros of inflows between April and June 2024, a figure that brings the collection since the beginning of the year to 27.87 billion euros.
About the competition coming from BTPs, Rota pointed out that families have dedicated a significant amount of savings to government bonds even in recent quarters, to the detriment of both bank deposits and managed savings products. “This – he observed Rota – it is an important challenge for our industry, which we can address through
product innovation, as already happened with second-generation fixed-term funds”.
Closed-end funds
The collective management framework is completed by the closed-end fundswhich attracted 1.6 billion euros of inflows, of which 917 million euros flowed into investment funds investing in unlisted SMEs.
