Italy October Mutual Funds Outflows EUR5.8 Billion - Assogestioni
November 28 2011 - 10:35AM
Dow Jones News
The Italian asset management association Monday said mutual
funds registered net outflows in October of EUR5.8 billion, a
negative reading for the 14th month in a row.
Milan-based Assogestioni said net outflows from the beginning of
the year totaled EUR22.8 billion.
Among the worst performers were open-ended funds, which
registered outflows of EUR5.1 billion. Closed funds registered
outflows of EUR347 million.
Shares of asset-management companies such as Banca Generali SpA
(BGN.MI), Mediolanum SpA (MED.MI) and Azimut SpA (AZM.MI), as well
as Intesa Sanpaolo SpA (ISP.MI) and UniCredit SpA (UCG.MI), are
sensitive to capital flows data as inflows boost their profit from
fees and commissions.
-By Giada Zampano, Dow Jones Newswires; +39 06 6976 6920;
giada.zampano@dowjones.com
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