Italian mutual funds posted their fourth month of net outflows in December, totalling EUR3.19 billion, the country's fund management association Assogestioni said Friday.

This compares with EUR2.55 billion that flowed out of funds in November. For full-year 2010 the funds had a total net inflow of EUR1.09 billion compared with EUR2.96 billion outflows in 2009.

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 the capital flow data as inflows boost profit from fees and commissions.

Association website: http://www.assogestioni.it

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