Italy's July mutual funds registered net outflows worth EUR2.44 billion, a negative reading for the 11th consecutive month, the country's asset management association Assogestioni said Friday.

Bond outflows totaled EUR122 million while equity funds saw EUR747 million in outflows. Also liquidity funds posted an outflow of EUR739 million, the association said in a statement.

Shares in 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 flow data as inflows boost profit from fees and commissions.

-By Sabrina Cohen and Liam Moloney, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com

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