Eurizon, the asset manager based in Italy and belonging to Intesa Sanpaolo Group, highlighted growth in its Chinese joint venture this year as the firm delivered its quarterly results.
Eurizon said Penghua Fund Management, in which Eurizon has a 49% stake, saw over €12 billion of inflows in the nine months ending September 30. This equated to 20% of growth over the period.
The JV recorded assets under management (AUM) of €99 billion.
Overall, Eurizon finished the quarter with €334.5 billion of total AUM, an increase of 2% during the quarter ending September 30 and 2.5% over 12 months.
Net inflows were €1.9 billion euro in the third quarter.
Saverio Perissinotto, chief executive of Eurizon, said he was “satisfied” with the results achieved and said this was due to “strong work carried out by all Eurizon colleagues in an exceptional emergency context”.
© 2020 funds europe
