Italy’s top-selling asset manager Eurizon Capital says it saw inflows of €33 billion into funds and individual portfolios last year and a 63% jump in profitability.
The firm, which is owned by the asset management arm of Italian bank Intesa Sanpaolo Group, saw profits jump to over €475 million and assets under management increase 16% to €266.7 billion.
Eurizon claims to be Europe’s “second best” asset manager in terms of net flows into mutual funds based on its internal and industry figures.
Thomson Reuters Lipper data shows the firm in eighth position for net sales of “long-term mutual funds” by global fund promoters in Europe in 2015, with €13.57 billion. The figures do not cover mandates.
According to Assogestioni, the Italian investment management association, the firm had the highest inflows in Italy last year.
Eurizon’s chief executive officer Tommaso Corcos said the results were due in part to the firm’s global footprint. Its Eastern European operations contributed €454 million to net inflows, while its Chinese company Penghua’s flows reached €25.7 million.
Corcos also highlighted a partnership agreement with the London-based company SLJ Macro Partners as being part of the global drive.
“Growth, innovation and sustainability are the most important elements of the future development strategy of the company, which we are now pursuing,” said Corcos.
The firm launched 50 new products last year, including Italian and Luxembourg mutual funds and individual portfolios.
Gabriele Miodini, head of sales and client management at Eurizon told Funds Europe that cross-border funds, including those domiciled in Ireland and Luxembourg, were the most popular in Italy, compared to domestic funds.
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