Italian mutual funds posted net ouflows worth EUR2.16 billion in April, Italy's asset management association Assogestioni said Friday in an emailed statement.

According to the statement, for the eighth consecutive month, investors on balance withdrew assets. Hedge funds registered outflows of EUR258 million, Assogestioni said, adding that bond funds also registered EUR1.1 billion outflows.

Italian asset management is mainly run by large commercial banks like UniCredit SpA (UCG.MI) and Intesa Sanpaolo SpA (ISP.MI). However, listed specialists Banca Generali SpA (BGN.MI), Mediolanum SpA (MED.MI) and Azimut Holding SpA (AZM.MI) all compete in the sector.

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

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