Italian mutual funds posted a net outflow of EUR826 million in April, according to figures from Italy's fund managers' association Assogestioni Thursday, compared with an outflow of EUR5.06 billion in March.

The drop covered mainly bond and hedge funds, which registered outflows of EUR403 million and EUR975 million respectively.

Outflows since the start of the year total EUR13.7 billion, said Assogestioni.

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) and Italian banking giants Intesa Sanpaolo SpA (ISP.MI) and UniCredit SpA (UCG.MI), are sensitive to the data as their profits are linked to income from fees.

Association Web site: http://www.assogestioni.it

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com
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