Fund flows into open-ended funds – particularly equities – at Italian asset manager Eurizon turned positive in the second quarter, helping to reduce the overall net outflow figure for the first six months.
Eurizon’s Q1 €3.8 billion of net outflows was brought down by €2.4 billion of inflows across various funds in Q2, while specifically open-ended fund flows went into positive territory, at €686 million.
Equity funds gained €2.2 billion, which was described as “particularly positive”, and compares with “flexible” funds, which gained €830 million, and bond funds, which gained €695 million
The Milan-based firm, which is part of Intesa Sanpaolo Group, still saw income fall in H1 2020 compared to the same period last year. Consolidated net income for the first six months of the year was €211.7 million, which compares to €226 million last year.
However, the firm said it had high efficiency levels, with a cost-income ratio of 20%.
Asset under management were €328 billion, up 5% compared to Q1.
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