Italy Mutual Funds August Net Outflows EUR1.83 Billion - Assogestioni
September 23 2011 - 5:59AM
Dow Jones News
Italy's mutual funds registered net outflows of EUR1.83 billion
in August, a negative reading for the 12th consecutive month, the
country's asset management association Assogestioni said
Friday.
Closed funds registered inflows of EUR795 million, while
open-ended funds registered outflows of EUR2.167 billion, the
association said.
Bond and equity funds suffered most, it added.
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 profit from fees
and commissions.
-By Sabrina Cohen, Dow Jones Newswires; +39 02 5821 9906;
sabrina.cohen@dowjones.com
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