Italian funds post €5.4bn inflows in May
Italian asset management association Assogestioni said local funds boarded €5.4bn in net new money in May. Overall Italian fund outflows since the start of the year hence reduced to €4.5bn from €12bn at the end of Q1'20.
Open-ended funds accounted for €3bn of the net subscriptions recorded in May. Italian investors poured a net €3bn into equity funds while plugging €340m and €246m in bond and balanced funds respectively. Three asset classes suffered net redemptions last month including money market funds (-€653m), flexible funds (-€66m) and hedge funds (-€20m).
The Italian fund industry posted €2.21trn in assets under management as at end May 2020, up 1.5% month-on-month and 3% vs. March.