Italian mutual funds posted a net inflow of EUR260 million in January, according to figures released Thursday by the country's fund management association, Assogestioni.

In a emailed statement Assogestioni said inflows were mainly in bond, mixed and equity funds while liquidity ones suffered outflows worth EUR1.62 billion and hedge funds registered outflows of EUR421 million.

Analysts forecast a recovery of the asset management industry in 2010 as more than EUR100 billion in assets is expected to be repatriated by Italians following a tax amnesty plan launched by the government in October.

Asset management in Italy is dominated by the country's largest retail bank, Intesa Sanpaolo SpA (ISP.MI), through its Eurizon and Banca Fideuram units, which have about EUR200 billion of assets under management in the country. UniCredit SpA's (UCG.MI) Pioneer Investments unit manages assets of EUR115 billion in Italy.

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 SpA (ISP.MI) and UniCredit SpA (UCG.MI) are sensitive to the monthly data as their profit is linked to income from fees.

Association Web site: www.assogestioni.it

-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com
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