The Italian asset management association Monday said mutual funds registered net outflows in October of EUR5.8 billion, a negative reading for the 14th month in a row.

Milan-based Assogestioni said net outflows from the beginning of the year totaled EUR22.8 billion.

Among the worst performers were open-ended funds, which registered outflows of EUR5.1 billion. Closed funds registered outflows of EUR347 million.

Shares of 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 capital flows data as inflows boost their profit from fees and commissions.

-By Giada Zampano, Dow Jones Newswires; +39 06 6976 6920; giada.zampano@dowjones.com

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