Italian asset gatherers' managed inflows drop 46% y/y in February
10/03/2026 17:18
By Mirko Miorelli
March 10 (Reuters) - Italy's five listed asset managers reported combined net inflows of 5.3 billion euros ($6.2 billion) in February, down by around one fifth from 6.7 billion euros in the same month of 2025.
Net inflows into more lucrative managed assets fell more than 46% from the same month of last year, to a combined 2.5 billion euros, data showed.
WHY IS IT IMPORTANT?
The 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 competition heightens to capture what experts have described as the largest intergenerational wealth transfer in history.
Shares of European asset managers slumped in February mirroring a sharp selloff in their U.S. peers, hit by investor worries over artificial intelligence disrupting traditional business models.
Fund managers also face shifting investor risk appetite, as geopolitical tensions and renewed inflation worries mount.
BY THE NUMBERS
QUOTE
"We view the threat of AI disruption to business models as long-term, if at all," Deutsche Bank analyst Giovanni Razzoli wrote in a February 17 note on Italian financial industry.
"Our BUY recommendations on Banca Generali (target price 66 euros) and Banca Mediolanum (target price 20.5 euros) are based on their strong value proposition and client-advisor relationships, making them resilient to AI disruption."
Barclays analysts reiterated an 'overweight' recommendation on Fineco after the new multi-year strategy it unveiled this month detailing how it plans to use AI to grow inflows and clients.
"We think this plan sets Fineco apart in the mid- to long run, considering the structural industry trends," Barclays said.
"The quality of net inflows is constantly improving, also thanks to the new financial protection initiatives, which are particularly suited to market volatility and to the geopolitical concerns from conflict escalation," Banca Generali CEO Gian Maria Mossa said in a statement.
($1 = 0.8595 euros)
Asset managers' performance in 2026 https://www.reuters.com/graphics/ITALY-ASSETMANAGERS/FEBRUARY/klpylgylevg/chart.png
(Reporting by Mirko Miorelli and Philippe Leroy Beaulieu in Gdansk, editing by Valentina Za)
((Mirko.miorelli@thomsonreuters.com))