After the collection of the funds in February, in March the net collection achieved by the consultancy networks and recorded by Assoreti amounted to 3.9 billion euros, a value substantially aligned with the result observed in the previous month. The propensity to invest among savers followed by financial advisors remains strong; the net resources flowed into financial instruments, individual management, insurance and social security products amounted to 6.5 billion euros. Of these, 1.2 billion (+53.9% m/m) involve managed savings products/services, while net investments in securities reach 5.3 billion (+96.5% m/m) also thanks to the placement of the Btp Valore which catalyzed resources placed in current accounts and deposits (-2.6 billion). The consultancy service with a specific fee paid directly by the customer (fee only/fee on top) receives overall net resources of 1.1 billion euros in the month, between new funding and contract switching. The monthly flow of resources on products with recurring fees, between managed savings (1.2 billion) and assets administered in consultancy with fees (703 million), is equal to 1.9 billion euros. “As already observed last year, even in this first window for the placement of BTP Valore, valid for 2024, we are seeing a high level of appreciation for fixed income securities also among the clients of our Associates, with the transfer of an important flow of resources cash deposited in current accounts. But investment demand is not limited to public and corporate bonds and is also increasingly fueling managed savings in all its macro-components, in a logic of portfolio diversification applied in the provision of the consultancy service. In this regard, starting from this month, we are sharing new information details with operators who observe, analyze and comment on the data of our sector, giving in particular indications, within the consultancy service, to the volumes of activity involving consultancy fee only and fee on top.” declares Marco Tofanelli, General Secretary of the Association.
Managed savings
The growth in net collection volumes observed in the sector involves all product/service macro-families. The direct distribution of mutual investment fund units determines net monthly volumes of 497 million euros (+21.7% m/m); investments are concentrated in foreign open-end bond UCIs. The balance of movements on individual asset management is positive for 407 million euros (+50.3% m/m); the negative trend of Gpf is interrupted, in which, in March, net investments reached 267 million euros. For the second consecutive month, the flow of resources allocated to the insurance/welfare sector is confirmed as positive; the net payments made were worth 343 million euros (+162% m/m), with a greater involvement of multi-line policies (177 million) and unit-linked policies (155 million). In March the overall contribution of the Networks to the open-ended UCI system, through the direct and indirect distribution of units, was confirmed as positive and equal to 1.1 billion euros, thus representing 58% of the entire system collection (1.9 billion ). The contribution of the Networks since the beginning of the year is therefore positive for 1.5 billion euros and compares with a negative result achieved overall by the other distribution channels (-4.3 billion).
Managed savings
The movements carried out on the administered financial instruments determine high volumes of net collections on fixed income, public and corporate securities, materialized almost exclusively through the placement activity on the primary market. Total net collections in government bonds amounted to 3.3 billion and the placement on the primary market, in particular of Btp Valore, resulted in volumes of 3 billion. Also important was the placement of first-issue corporate bonds with a value of 1.6 billion euros, partly offset by the net outgoing movements seen on the secondary market (-169 million). Positive results also for certificates (150 million) and exchange traded products (212 million).
The groups
The record holder of the month is confirmed by Banca Mediolanum, which records inflows exceeding one billion euros. Fineco (578 million) and Banca Generali (583 million) are well behind, in third and second position respectively. However, the best collection from managed assets is from Allianz Bank FA, quantifiable at over 455 million euros in contributions. Among the new data reported by Assoreti there are also those relating to the volumes of activity associated with the fee only and fee on top financial consultancy service relating to the client, a specific ranking which sees Fineco leading with over 564 million euros dedicated since the beginning of the year. Below is the complete ranking from the beginning of the year.
