(Alliance News) - Banca Generali Spa reported Monday that it recorded net inflows of EUR600 million, bringing the total since the beginning of the year to EUR1.65 billion.

The flow mix in the quarter improved markedly due to a strong increase in demand for investment products and services that rose to EUR651 million in the period from EUR109 million in January-March last year.

Specifically, there was a return of customer interest in asset management and insurance products with net flows of EUR268 million, compared to outflows of EUR322 million in the same three months of 2023.

Within managed solutions, the driving role of financial containers was confirmed, with EUR286 million in the quarter - up 83 percent year-on-year, while among funds there was a good response for home management - at EUR107 million in the quarter - thanks to the launch of new investment lines.

Demand for assets under administration showed a normalization from last year's record levels, although including EUR399 million of the EUR399 million subscription of the BTP Valore retail issue in the month. Against this backdrop, net AuC & Banking flows in advisory stood at EUR383 million in the quarter compared to EUR431 million in the corresponding quarter last year -- down 11 percent -- while flows in other assets -- while remaining significant in absolute value at EUR998 million in the quarter -- showed a contraction compared to EUR1.42 billion in the corresponding period last year, down 29 percent, mainly related to lower demand for assets under administration products.

Banca Generali CEO and managing director Gian Maria Mossa commented, "Another month of solid flows that brings us to close the first quarter with year-on-year growth in net inflows, investment and insurance products and services. In addition, in the second half of March, we expanded the Lux IM range experiencing great interest with the data in recent weeks confirming this. I am convinced that our dynamic approach around the logic of protection, diversification and family office will enable us to continue to attract new clients and catalyze the attention of top talent in advisory. The growth in the quarter and the consistency of demand make us look forward to the coming months with optimism."

Banca Generali's stock is up 0.3 percent at EUR36.48 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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