Business
Italian asset gatherers' net inflows strengthen in July
Italian asset gatherers' net inflows strengthen in July
About this update from Banco Bpm Spa
By Gaia Neiman and Alessandro Parodi Italy's five listed asset gatherers reported combined net inflows of 6.12 billion euros ($7.13 billion) in July, almost double the previous year's monthly figure of 3.37 billion euros, after a slowdown in June.Net inflows into more lucrative managed assets rose 51% from the same month of last year, to a combined 4.36 billion euros, data showed. WHY IS IT IMPORTANT?The fund management industry is under pressure to protect margins as it grapples with growing technology spending and competition from passive products and other cheaper forms of investment.Despite the industry's challenges, falling interest rates have pushed Italian banks to increasingly turn to managing customer savings to support revenues.In presenting second-quarter earnings, Fineco CEO Alessandro Foti told a press briefing he expected the current wave of mergers and acquisitions in Italian banking to reduce pressure towards a more efficient and transparent business model in savings management, due to reduced competition.Mediobanca's MIL:MB shareholders will vote on August 21 on a 7 billion euro bid for Banca Generali MIL:BGN, after the private bank's owner Assicurazioni Generali MIL:G on Wednesday said that it was open to keep discussing the project. In proposing to create Italy's second-biggest wealth manager, Mediobanca is trying to fend off a takeover offer by Monte dei Paschi di Siena MIL:BMPS.As it fought against another hostile bid which has now collapsed, Banco BPM MIL:BAMI in April bought Anima Holding MIL:ANIM and last week it unveiled the first set of earnings that includes the fund manager. BY THE NUMBERSCONTEXTAzimut Holdings MIL:AZM and Banca Mediolanum MIL:BMED raised their full-year net inflow targets in July, on the back of strong earnings momentum.Earlier this month, Anima reported a yearly increase in first-half profits, while FinecoBank MIL:FBK and Banca Generali said in July their second-quarter net profit had dropped.($1 = 0.8589 euros)