Italian mutual funds recorded a net outflow for the third month in a row in November, totalling EUR2.6 billion, according to figures released Monday by the country's fund management association, Assogestioni.

The amount was greater than the EUR1.3 billion that went out of funds in October.

The outflows were primarily from money-market funds, from which investors withdrew EUR1.9 billion.

Stock funds took in EUR263 million, while those for bonds suffered an outflow of EUR498 million.

Hedge funds had an outflow of EUR133 million.

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.

Rival UniCredit SpA (UCG.MI) competes through its Pioneer Investments division.

Both banks have announced plans to sell or list their respective asset management businesses to strengthen their capital ratios.

Apart from Intesa and UniCredit, shares of smaller asset management companies such as Azimut SpA (AZM.MI), Mediolanum SpA (MED.MI) and Banca Generali SpA (BGN.MI) are sensitive to the monthly data as their profit is linked to income from fees.

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