Positive collection in November for consultancy networkswhich they record resources for 2.5 billion of Euro. A fact that carries the balance sheet from the beginning of the year to 38.1 billion euros, with a limited decline compared to the previous year (-3.7%). This is what emerges from the latest monthly report of Assoretithe Association of Investment Advisory Companies.
In particular, in November, the recovery of managed savings, with net investments of 600 million euros and the involvement of all product macro-families. The administered financial instruments they account for resources in a marked reduction of 800 million euros, due to the greater volume of movements out of public bonds. The net collection on current accounts and deposits it is positive for 1.1 billion euros.
“The result of the Networks in November confirms the attention of the consultancy system, marking a return to managed savings products. The contraction in investments in government bonds represents, on the other hand, an expectation of a trend reversal” he declares Marco TofanelliGeneral Secretary of the Association.
The rebirth of managed savings
As mentioned, managed savings recorded a positive collection. There direct distribution of mutual fund units of investment determines positive net volumes of 283 million euros.
Investment choices favor funds bonds (313 million) and those flexible (123 million) while on balanced funds the prevalence of redemptions continues to be observed (-357 million).
The insurance sector marks a positive balance of 76 million; the balance is positive for i traditional life products (87 million) and for multi-line policies (119) while there are still net outflows from unit linked (-130 million). Net collections on pension products are positive for 119 million.
The net resources allocated to individual asset management amount to 122 million; the net investments made in GPM (160 million) largely offset the overall outflows from asset management in funds (-38 million). In November, therefore, the overall contribution of the Networks to the open-ended UCI system is once again positive and equal to
275 million euros, compared to overall outflows for the entire fund system quantifiable at 2.3 billion euros.
From BTPs to Corporate bonds
As for the administered financial products, there is a prevalence of exits from government bonds, between sales and maturities, with a net outflow of resources of 982 million. The negative balance of public bonds is compensated by the net resources invested in corporate bonds (1.5 billion) which therefore determines an overall budget, for all the debt securities, equal to 499 million euros.
Positive flows also for the category of certified (275 million) and for exchange traded product (155 million).