Italian asset gatherers' net inflows down in May due to one-off item, managed assets double

FinecoBank

12/06/2025 13:30

By Alberto Chiumento and Alessandro Parodi

June 12 (Reuters) - Italy's five listed asset gatherers reported combined net inflows of 5.05 billion euros ($5.77 billion) in May, down from 9.08 billion euros in the same month of 2024 which had enjoyed a one-off contribution.

The May 2024 data included one-off inflows of 6.1 billion euros from Azimut's AZMT.MI acquisition of United States-based  tru Independence.

Net inflows into more lucrative managed assets more than doubled from the same month of last year, to a combined 3.96 billion euros, the data showed.

WHY IS IT IMPORTANT?

The fund management industry is under pressure to consolidate to sustain margins in the face of rising technology investments, growing competition from passive products and other cheaper forms of investment.

On Monday, a union document seen by Reuters showed the Italian arm of France's Amundi AMUN.PA, Europe's biggest asset manager, had set a target of 50 staff cuts to be achieved in the country by the end of the year, equivalent to 14% of the total.

Despite the industry's challenges, falling interest rates are pushing banks to turn to asset management to drive revenues.

Merchant bank Mediobanca MDBI.MI unveiled a 6.3 billion euros bid for private bank Banca Generali BGN.MI in April, to become Italy's second-biggest wealth manager and fend off a takeover offer by Monte dei Paschi di Siena BMPS.MI.

Italy's third-largest lender Banco BPM BAMI.MI concluded in April a buyout offer for Anima Holding ANIM.MI, securing control of the fund manager whose products it distributes.

BY THE NUMBERS

QUOTES

"While the month was marked by higher-than-normal outflows from current accounts due to tax deadlines for customers in Italy, the transformation of administered assets into managed assets continues," Banca Mediolanum CEO Massimo Doris said in a statement on Monday.

Fineco's "AuM inflows are well above last year's figure, while strong deposit inflows are a positive," Jefferies said in a note on Monday.

CONTEXT

Italian bank UniCredit CRDI.MI has waived a provision in it buyout offer for Banco BPM BAMI.MI that would have allowed it to walk away after its target completed the acquisition of Anima Holding at a higher price than anticipated and without regulatory capital benefits it had hoped to tap.

UniCredit still has other conditions in its bid that allow it to ditch the offer.

Mediobanca shareholders are called to vote on Monday on the Banca Generali acquisition.

($1 = 0.8747 euros)

Asset managers' performance in 2025 https://reut.rs/446leCC

Italian companies contend growing asset under management market https://reut.rs/43Z7Ujl

 (Reporting by Alberto Chiumento and Alessandro Parodi; Editing by Valentina Za)

 ((Alberto.Chiumento@thomsonreuters.com;alessandro.parodi@thomsonreuters.com))