MILAN -(Dow Jones)- Italian mutual funds posted a net inflow of EUR1.26
billion in October, according to figures from the country's fund management
association, Assogestioni, released Thursday.
Inflows were mainly in equity, bond and mixed funds, the
Milan-based
Assogesioni said in an e-mailed statement.
Hedge funds in October saw an outflow of EUR183 million, the association said.
Shares of Italian asset management companies such as Azimut SpA (AZM.MI),
Mediolanum SpA (MED.MI), Banca Generali (BGN.MI) and Anima SpA (ANM.MI) as well
as Intesa Sanpaolo and UniCredit are sensitive to the monthly data as their
profits are linked to income from fees.
After years of massive outflows in Italy, following more than two years of
financial crisis, investors will resume investing their savings in mutual funds
as banks launch new products, according to industry observers.
Others say cash from the recently approved tax amnesty plan could also boost
inflows.
-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@
dowjones.com
(END) Dow Jones Newswires
11-05-090637ET
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