Eurizon Capital sees AUM increase in Europe’s best market

Coliseum at sunsetItalian asset manager Eurizon Capital is chasing last year’s 16% increase in assets under management (AUM) as it further increased its managed assets in the first quarter this year.

The firm, which is operating in one of Europe’s hottest fund markets at present, saw a 6% increase in its AUM year-on-year for Q1.

Owned by Italian bank Intesa Sanpaolo Group, Eurizon says its AUM exceeded €270 billion at the end of Q1 and that it received inflows of €4.5 billion.

Much of this was driven by institutional investors, who invested around €3.4 billion net over the period. Mutual fund inflows during the quarter were around €2.4 billion and directed mainly towards bond funds.

Last year, Italy led the continent in terms of fund flows. Lipper data indicated Italian investors pumped €47 billion into funds in 2015.

However, Tommaso Corcos, Eurizon’s chief executive, said business from abroad contributed to its latest flows, not just Italy.

“In a very turbulent time for the markets we have continued to achieve positive results in terms of inflows thanks to the strengthened relationships with the sales network in Italy and the expansion of the customer base abroad.”

The firm, quoting figures from Shanghai-based asset management consultancy Z-Ben Advisors, said Eurizon is 4th in China in terms of foreign asset managers gathering onshore business.

During 2015, Eurizon saw inflows of €33 billion into funds and individual portfolios, and the 16% increase in AUM brought total assets managed to €266.7 billion.

Eurizon’s net income in Q1 this year was €92 million.

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