Eurizon posts positive half-year results

Italian asset management Eurizon Capital has seen its assets under management grow by 3.5% since the start of the year to €276 billion. The firm is also enjoying positive inflows into its products, gaining €8.5 billion in the first half of the year. These results come in spite of pressure on Italian banks, one of whom, Intesa Sanpaolo Group, owns Eurizon. The bank’s share price dropped by 12.5% after the UK voted out of the EU and the entire sector may need a rescue package with Matteo Renzi, Italian premier, looking to the EU for help. Despite this backdrop, Eurizon managed to post net income of €183.8 million. The firm cited Morningstar data claiming to be the fourth largest asset manager in terms of net inflows in H1 2016. Eurizon has also been launching new products this year, with 31 Italian funds and 10 Luxembourg sub-funds. Tommaso Corcos, chief executive officer of Eurizon said: “In the first half of the year we confirmed our leadership in Italy in terms of inflows, reaffirming our ability to compete even at the European level.” He added that the firm is strengthening its presence in international markets with a joint venture in London, named Eurizon SLJ Capital. ©2016 funds europe

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