By Liam Moloney
Italian asset managers had net outflows of 4.34 billion euros
($5.77 billion) in December, as clients sold equity and balanced
funds and bought fixed-income ones, Assogestioni, the country's
industry association said Thursday.
Despite the withdrawals, which total EUR11.31 billion for 2012,
total assets under management rose to EUR1.20 trillion,
Assogestioni said.
The December figure includes a net outflow of EUR1.51 billion in
balanced funds and EUR504 million for equity ones. Bond fund net
increases totaled EUR2.11 billion, confirming the popularity of
these type of funds in 2012, according to Assogestioni's data.
Institutional clients were big sellers in December, upending a
trend that characterized 2012.
Shares of asset management companies, such as Banca Generali SpA
(BGN.MI), Mediolanum SpA (MED.MI) and Azimut SpA (AZM.MI), as well
as Intesa Sanpaolo SpA (ISP.MI) and UniCredit SpA (UCG.MI), are
sensitive to capital flows data because inflows boost their profits
from fees and commissions.
Write to Liam Moloney at liam.moloney@dowjones.com