Eurizon, a fund manager in one of Europe’s best-selling fund markets, saw over €5 billion of net inflows in the first quarter of the year.
The inflows were aided by new individual savings plans introduced by the Italian government in February and aimed at securing capital for small and medium-sized Italian businesses.
Known as “Pir” funds in Italy, Eurizon raised €800 million between the end of February and the beginning of May.
Pir funds offer tax breaks for investors who remain invested for five years.
Eurizon, which is part of Intesa Sanpaolo, saw fee and commission income rise 24.5% over Q1 last year to nearly €157 million, and consolidated net income increase by 28.5%.
Assets under management increased by 2% to €295.4 billion compared to the end of December 2016.
Tommaso Corcos, CEO, said he was “very satisfied” with the results and announced that Eurizon had a new logo to convey the firm’s increasing international vision.
During the quarter the firm launched 26 new products, mainly in Italy but also four Luxembourg sub-funds.
Italy was one of the best-selling fund markets at the end of last year.
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