Quarterly AUM Rows in Ital (as % of AUMs)
While flows remain strong, few differences are starting to emerge
Following the surprisingly strong April, flows into managed products (AUMs) of the Italian asset managers/gatherers remained strong in May. On average, these names booked €334mn of inflows in May, vs €373mn in April but still above UBSe of €200mn. That said, while as a group quarter to date flows are running at 10% of AUMs (annualised), we notice that diverging trends are emerging at individual level. Therefore, we believe that stock selection will become more important following the recent sector rally.