Italy Mutual Funds Post Jan Outflow Of EUR4.9 Billion - Assogestioni
February 05 2009 - 7:46AM
Dow Jones News
Italian mutual funds posted a net outflow of EUR4.9 billion in
January, according to figures from fund manager association
Assogestioni.
The drop covered almost all categories of funds. Cash or
liquidity funds, typically the most conservative of fund choices,
had a EUR262 million outflow during the month, according to
Assogestioni. Bond funds registered an outflow of EUR2.28 billion
as well as hedge funds which had outflows of EUR1.21 billion
According to preliminary data, Italian mutual funds were hit
with EUR140 billion in net outflows in 2008, the fourth year of
decline.
Shares of Italian asset management companies such as Azimut SpA
(AZM.MI), Mediolanum SpA (MED.MI), Banca Generali (BGN.MI) and
Anima SpA (ANM.MI) and Italian banking giants Intesa Sanpaolo SpA
(ISP.MI) and UniCredit SpA (UCG.MI), are sensitive to the data as
their profits are linked to income from fees.
Association Web site: http://www.assogestioni.it
-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906;
sabrina.cohen@dowjones.com
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