By Gilles Castonguay
MILAN--Italian asset managers registered a net outflow of 1.2
billion euros ($1.5 billion) in May, slightly less than the
previous month as investors dumped equities funds, Italian industry
association Assogestioni said Tuesday.
In April, the net outflow was higher, at EUR1.3 billion.
Since the beginning of the year, outflows have totalled EUR5.5
billion, which is indicative of investor fears in light of Europe's
sovereign debt crisis and the uncertainties it poses for the
economy and the common currency.
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 profits from
fees and commissions.
Open-ended funds, which are responsible for most of the total
amount, saw a net outflow of EUR1.02 billion, the association said
in its monthly statement.
Those dedicated to equities registered a net outflow of EUR1.10
billion, while those focused on bonds had an inflow of EUR851
million.
Money-market funds, meanwhile, had outflows of EUR777
million.
Write to Gilles Castonguay at gilles.castonguay@dowjones.com