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Anima sees net outflows, while Fineco, Mediolanum post inflows
By Jerry
March 6 (Reuters) – Italian asset manager Anima Holding (ANIM.MI), opens new tab on Wednesday reported net outflows in February, while rivals Mediolanum (MDBI.MI), opens new tab and Fineco (FBK.MI), opens new tab reported positive inflows helped by their ability to attract new customers.
Unlike Anima, Fineco and Mediolanum are banks meaning they gather deposits and also sells securities which they then administer on behalf of clients.
Anima only manages investment funds which it distributes through banks, while Fineco and Mediolanum rely on networks of financial advisers.
Anima, whose main shareholder is Italy’s third largest bank Banco BPM (BAMI.MI), opens new tab, said net outflows totalled 286 million euros ($311 million) last month, after outflows of 470 million euros in January.
Anima posted inflows into higher-margin investment products, such as alternative funds, but it was hit by 202 million euros in outflows from its mutual funds.
“We trust that this trend … is on the verge of diminishing,” Anima CEO Alessandro Melzi d’Eril said.
Attractive rates on Italian debt last year prompted droves of small investors to pour their savings into Rome’s government bonds, which have a favourable tax treatment and no fees.
To lure savers, Mediolanum has been offering time deposits with high rates in the hope of then being able to divert those funds into managed assets.
It is currently offering six-month deposits at a 5% yearly rate.
It reported net inflows of 1.18 billion euros for February, of which 441 million euros were more profitable managed assets such as mutual funds and insurance policies, while the rest of the cash went into administered assets.
