Diversified Financial Italian Diversified Financials - Monthly Monitor

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.

11 Jun 2020

Quarterly AUM Rows in Ital (as % of AUMs)

Source: Assoreti, UBS Analysis

This line graph compares quarterly AUMs of total industry to that of Financial Advisor industry, from Q113 to present.

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.

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