Italy January Mutual Fund Outflows EUR3.96 Billion - Assogestioni
02/28/2012| 05:34am US/Eastern
Italian asset management association Assogestioni said Tuesday that total outflows from mutual funds hit a record EUR3.96 billion in January.
Equity funds in January registered net outflows of EUR643 million, it said, while bond funds recorded outflows of EUR736 million and money market funds had outflows of EUR1.12 billion.
Shares of asset management companies, such as Banca Generali SpA (>> Banca Generali SpA), Mediolanum SpA (>> Mediolanum SpA) and Azimut SpA (>> Azimut Holding SpA), as well as Intesa Sanpaolo SpA (>> Intesa Sanpaolo SpA) and UniCredit SpA (>> UniCredit SpA), are sensitive to the capital flows data as inflows boost their profits from fees and commissions.
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; firstname.lastname@example.org