Italy’s Eurizon Capital reports buoyant 2016 results today, having taken the largest share of mutual fund flows in Europe and a third of total investments in Italian funds and mandates.
The firm raised over €18 billion of net flows in 2016, with the majority of flows going to “flexible” funds, followed by bond products.
Eurizon, which has a 50% stake in the Allfunds Bank distribution platform, said it beat all other firms in Europe for net flows into mutual funds, basing the claim on Morningstar data.
Eurizon’s largest period for inflows was the last quarter when it raised €6 billion.
Asset under management increased 9% over the year to €290 billion and consolidated net income was €368 million.
The firm, which is the asset management arm of Intesa Sanpaolo Group, launched 97 products, including 59 Italian funds and 31 Luxembourg sub-funds.
Last year Eurizon opened a branch in Paris, and began preparations for a branch in Frankfurt and to sell its funds in Switzerland.
In Spain, Northern Europe and Latin America, particularly Chile, Eurizon “consolidated its presence, thanks to partnerships with local distributors”.
Its branch in Hong Kong obtained permissions to carry out fund management activities, which are planned for the first half of 2017. In China, Eurizon has a 49% holding in Penghua Fund Management and 29% in Yicai, a wealth management company of the Intesa Sanpaolo Group.
©2017 funds europe
