By Alberto Chiumento and Alessandro Parodi
(Reuters) – Italy’s five listed asset managers reported combined net inflows of 40.2 billion euros ($41 billion) in 2024, up by 64% from inflows of 24.5 billion euros in 2023.
In December, Italy’s five Milan-listed asset managers posted combined net inflows of 3.66 billion euros ($3.03 billion) in December, down from inflows of 4.25 billion euros in the same month of 2023.
December’s net inflows of more lucrative managed assets however rose to a combined 3.32 billion euros, from inflow of 1.62 billions a year before, the data showed.
WHY IT’S IMPORTANT?
The fund management industry is under pressure to consolidate to sustain rising technology investments amid growing competition from low-margin passive products and other cheaper forms of investment such as government bonds.
Yet, with interest rates declining, banks are increasingly turning to asset management to drive revenues. Italy’s third-largest lender Banco BPM in November launched a buyout offer to gain full control of fund manager Anima Holding.
In a landmark deal, last year France’s BNP Paribas agreed to buy insurer AXA’s investment management arm.
BY THE NUMBERS
December December Year-to-d Total Managed
Inflows Inflows ate Assets Assets
into inflows
managed
assets
ANIMA (*) -460 mln -460 mln -5.26 bln 204.1 204.1
bln bln
AZIMUT 919.1 mln 931.1 mln 18.30 bln 107.52 70.28
bln bln
BANCA 980 mln 1.09 bln 6.65 bln – –
GENERALI
BANCA 1.01 bln 981 mln 10.44 bln – –
MEDIOLANUM
FINECO 1.22 bln 782.9 mln 10.08 bln 140.77 66.38
bln bln
* Anima figures include Class I insurance mandates
QUOTES
“The combination of (Fineco’s) outflows from AUC (assets under custody) and strong inflows in both deposits and AUM (assets under management) suggest, in our opinion, that the conversion of AUC into liquidity and AUM has begun”, J.P. Morgan said in a note on Wednesday.
“Mediolanum December net inflows were better than our expectations and very solid, with a high-quality mix. The commercial and marketing initiatives launched in 2024 to attract new administered assets have proven successful,” said broker Banca Akros in a note on Thursday.
CONTEXT
Italian bank UniCredit built a stake in Germany’s Commerzbank in September and then launched a takeover bid for Banco BPM late in November, which BPM has said it only a way to thwart its bid for Anima.
UniCredit’s move follows the placement of a 15% stake in Monte dei Paschi di Siena (MPS) which raised the prospect of an eventual combination of BPM and MPS which both partner with Anima.
Afer UniCredit’s offer, France’s Credit Agricole has entered derivatives to raise its stake in Banco BPM to 15.1% from 9.9%.
Also two major Italian financial investors, billionaire Francesco Gaetano Caltagirone and the holding company of late tycoon Leonardo Del Vecchio, have raised their investments in MPS and Anima in recent months.
The Italian banking sector witnessed another takeover bid on Wednesday when Banca Ifis launched a 298 million euro surprise offer in shares and cash to acquire rival specialty lender illimity.
($1 = 0.9789 euros)
($1 = 0.9745 euros)
(Reporting by Alberto Chiumento and Alessandro Parodi. Editing by Valentina Za)
