Italian funds post €3.9bn outflows in April
April 2019 has proven a poor month for Italy's fund industry as Italian investment vehicles suffered net outflows of €3.9bn, after they were hit by a net €597m outflow the month before.
In detail, some €2.86bn have been redeemed from collective investment funds (-€3.21bn outflows in open-ended funds, +€348m inflows in closed funds) while retail and institutional investors have withdrawn a total of €1.04bn in the portfolio management space.
Since the start of the year to 30 April 2019, Italian open-ended funds have posted €3.63bn outflows. As for asset classes, money market funds continued to face strong redemptions (- €1.81bn in April following -€762m in March). Outflows of €1.30bn were also observed in flexible funds in April. Investors had already pulled €735m from the segment the month before.
Equity funds failed to stem investor outflows as they recorded redemptions of €739m that add to the €1.26bn withdrawals posted in March. Hedge funds did not have the favours of Italian investors in April either as they continued to see outflows (-€26m in April following -€29m in March).
A total of €419m and €251m flowed into bond and balanced funds respectively in April. Both segments had positive net inflows in March (€1.89bn for bond funds, €272m for balanced funds).
Italian-domiciled funds have recorded outflows of €1.89bn while net redemptions of €1.32bn were seen in foreign funds registered in Italy in April.
According to Assogestioni's data, the largest outflows in Italian open-ended funds in April 2019 were seen at Generali group (-€1.06bn). Despite redemptions, assets under management in the Italian fund industry have hit a new record of €2,172trn, up from €2,161trn in March.