On March 11, Italy's five publicly traded asset managers saw a collective increase in net inflows to 6.03 billion euros in February, up from 2.57 billion euros the previous year. The data revealed that net inflows into managed assets rose significantly to 4 billion euros from 721 million euros.
During the same month, Azimut experienced inflows exceeding 3 billion euros into managed assets, attributed to its expanded presence in the United States through increased ownership of Kennedy Capital Management.
The fund management sector faces pressure to consolidate due to mounting technology expenses, intensified competition from low-margin passive products, and alternative inexpensive investment options like government bonds. However, as interest rates decline, banks are increasingly focusing on asset management to boost revenues.
Recently, Banco BPM, Italy's third-largest bank, obtained approval from the Bank of Italy to acquire full ownership of fund manager Anima Holding. Preceding this, Banco BPM shareholders agreed to raise the offer price to 7 euros per share from 6.2 euros.
In a move to become Europe's largest asset manager by revenue, Italy's leading insurer Generali and French bank BPCE signed a preliminary agreement in February. This initiative follows BNP Paribas' acquisition of AXA's investment management division last year.
Regarding specific companies, Jefferies noted, "February flows support our thesis on Fineco," highlighting its capacity to expand its asset under management base through competitive fee structures, a flexible platform, a diverse product range, and a relatively low cost-to-income ratio.
Equita also commented positively on Banco Mediolanum's robust February inflows, stating, "...above expectations in a month influenced by the issuance of the BTP Più for 14.9 billion euros."
(Note: $1 = 0.9176 euros)