Italian mutual funds posted their fifth consecutive month of net outflows in January of EUR3.7 billion, the country's asset management association, Assogestioni, said Friday.

Bond funds suffered EUR2.2 billion worth of outflows, while those leaving money market funds also totaled EUR2.2 billion, it said.

Inflows were recorded for equity funds of EUR171 million and EUR304 million for balanced funds.

The association said the figures didn't include all funds managed by foreign operators.

Shares in asset management companies such as Banca Generali SpA (BGN.MI), Mediolanum SpA (MED.MI) and Azimut SpA (AZM.MI), as well as Intesa Sanpaolo SpA (ISP.MI) and UniCredit SpA (UCG.MI), are sensitive to capital flow data as inflows boost profit from fees and commissions.

Association website: www.assogestioni.it

-Gilles Castonguay, Dow Jones Newswires; +39 02 5821 9908; gilles.castonguay@dowjones.com
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