By Gaia Neiman and Alessandro Parodi (Reuters) -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
Italian asset gatherers' net inflows strengthen in July
Overview of July's Asset Management Performance
By Gaia Neiman and Alessandro Parodi
Key Financial Figures
(Reuters) -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.
Industry Challenges and Responses
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.
Mergers and Acquisitions in Focus
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 shareholders will vote on August 21 on a 7 billion euro bid for Banca Generali, after the private bank's owner Assicurazioni Generali 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.
As it fought against another hostile bid which has now collapsed, Banco BPM in April bought Anima Holding and last week it unveiled the first set of earnings that includes the fund manager.
BY THE NUMBERS
CONTEXT
Azimut Holdings and Banca Mediolanum 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 and Banca Generali said in July their second-quarter net profit had dropped.
($1 = 0.8589 euros)
(Reporting by Gaia Neiman and Alessandro Parodi; Editing by Valentina Za)
