Italian asset managers' net inflows down 52% y/y in November

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By Laura Contemori and Mirko Miorelli Italy's five listed asset managers reported combined net inflows of 2.62 billion euros ($3.05 billion) in November, roughly half the 5.48 billion euros of the same month of 2024.Net inflows into a category of more lucrative managed assets fell 9.7% to a combined 1.19 billion euros.WHY IT'S IMPORTANTThe savings management industry is under pressure to protect margins from growing technology spending and competition from passive products and other cheaper forms of investment.Though consolidation in the sector has traditionally proven challenging, players are increasingly weighing M&A options as they brace for what experts have described as the largest intergenerational wealth transfer in history.With interest rates falling, banks are increasingly turning to wealth management.BY THE NUMBERSQUOTES "With 18 billion euros raised year-to-date, we are firmly on track to meet our 2025 guidance ," Azimut MIL:AZM CEO and CFO Alessandro Zambotti said. Around 10 billion euros short of its 2025 net inflows target as of November, Azimut is counting on closing by year-end its purchase of North Square Investment (NSI) . The asset manager has been forced to delay a planned business spin-off while it addresses "significant governance and organisational shortcomings" at its Azimut Capital Management SGR unit, uncovered by a Bank of Italy inspection. "The month was characterized by outflows in the institutional category (end of a mandate) and from Class I insurance portfolios," Anima Holding said in a statement. "In the short term, the new capital protection products and the context normalisation ensure net inflows growth and quality; in the medium term, Intermonte, Alleanza and AI will broaden the client base," Banca Generali CEO Gian Maria Mossa said. ($1 = 0.8597 euros)

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