By Gilles Castonguay
MILAN--Italian asset managers registered a net outflow of 1.28
billion euros ($1.61 billion) in July, a much smaller amount than
the EUR4.65 billion outflow recorded in July, industry association
Assogestioni said in its monthly report Thursday.
Since the beginning of the year, outflows have totalled EUR11.40
billion, highlighting investor fears about the repercussions of
Europe's sovereign debt crisis on the region's economy and its
common currency.
At the end of July, the industry had EUR961.54 billion worth of
assets under management, according to Assogestioni.
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 profits from
fees and commissions.
Write to Gilles Castonguay at gilles.castonguay@dowjones.com
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