Italian asset managers' net inflows rise to 3.15 bln euros in January

Reuters

11-02-2025

Feb 11 (Reuters) - Italy's five listed asset managers reported combined net inflows of 3.15 billion euros ($3.25 billion) in January, up from 1.19 billion euros in the same month of 2024.
Net inflows into more lucrative managed assets increased to a combined 1.72 billion euros, from an outflow of 215.7 million last year, the data showed.
WHY IT'S IMPORTANT?
The fund management industry is under pressure to consolidate to sustain rising technology investments amid growing competition from low-margin passive products and other cheaper forms of investment such as government bonds.
Yet, with interest rates declining, banks are increasingly turning to asset management to drive revenues. Italy's third-largest lender Banco BPM (BAMI.MI), opens new tab in November launched a buyout offer to gain full control of fund manager Anima Holding (ANIM.MI), opens new tab.
Italy's top insurer Generali (GASI.MI), opens new tab and French bank BPCE signed a non-binding memorandum of understanding in January to merge their respective asset management businesses, aiming to create Europe's largest asset manager by revenue.
In a landmark deal, last year France's BNP Paribas (BNPP.PA), opens new tab agreed to buy insurer AXA's (AXAF.PA), opens new tab investment management arm.
BY THE NUMBERS
QUOTES
"(Anima's) January data showed a clear improvement on previous months. We think the ongoing increase in retail inflows through banking partners is positive as these are higher margin products," Intermonte said in a note.
Banca Mediolanum's "net inflows in January were very positive in a seasonally softer month and up compared to January 2024," Equita said in a note.
CONTEXT
Italian bank UniCredit (CRDI.MI), opens new tab built a stake in Germany's Commerzbank in September and then launched a takeover bid for Banco BPM late in November, which BPM has said is simply a way to thwart its bid for Anima.
UniCredit's move follows the placement of a 15% stake in state-backed Monte dei Paschi di Siena (MPS) which raised the prospect of an eventual combination of BPM and MPS which both partner with Anima.
After UniCredit's offer, France's Credit Agricole (CAGR.PA), opens new tab has entered derivatives to raise its stake, opens new tab in Banco BPM to 15.1% from 9.9%.
Also two major Italian financial investors, billionaire Francesco Gaetano Caltagirone and the holding company of late tycoon Leonardo Del Vecchio, have raised their investments in MPS and Anima in recent months.
The M&A frenzy continued in 2025 as the Italian banking sector witnessed other three takeover attempts.
Banca Ifis (IF.MI), opens new tab bid to buy competitor specialty lender illimity (ILTY.MI), opens new tab, MPS made a surprising all-share offer for merchant bank Mediobanca (MDBI.MI), opens new tab and Italy's fourth-largest bank BPER Banca (EMII.MI), opens new tab proposed to acquire smaller peer Banca Popolare di Sondrio (BPSI.MI), opens new tab.
($1 = 0.9704 euros)