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The Italian Asset Management marketkey figures
26 September 2017
Research Department
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Research Department The Italian Asset Management market Key figures
26 September 2017
44
The Italian AM market (Jan 2016: August 2017)
898
935
+55.7
+0.6%
I…
+29.1Perf.
Dec 2015 Dec 2016 Aug 2017
+3.0%
%
+16.2
+11.7
Mand.
Funds
993
49%
1,833
Perf. 51%
+35.2
+20.5
951
M7+M8
+27.9 II
2016
1,022
2,032+28.4
+0.7
1,010
+11.0
+7.9
50%
50%
+19.0
1,944
Research Department The Italian Asset Management market Key figures
26 September 2017
5
‐10
‐5
0
5
10
15
20
25
Jan2014
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2015
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2016
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2017
Feb Mar Apr May Jun Jul Aug€ bn
Net flows (monthly data)
Monthly data. Source: Assogestioni.
Research Department The Italian Asset Management market Key figures
26 September 2017
6
+2.7+1.3
‐0.8+9.4
+7.4
2017 IIV
2016 III
M7+M8II
+1.0
+1.5
II
‐0.5
+2.3
+0.5
2016 III IV 2017 I
M7+M8
+0.06
+0.28
+0.69+0.11
+0.39
M7+M8
IV
2017 I
2016 III
II
+16.0
II
+6.0
+16.1
+28.1
+10.6
2016 III
IV
M7+M8
2017 I
6%129
Product breakdown
6
4%
43
43%881
Open‐end Funds
Retail Mandates (discretionary portfolios)
Closed‐end Funds
Institutional Mandates
97248% 3%
50
Research Department The Italian Asset Management market Key figures
26 September 2017
7€bn, yearly data. Source: Assogestioni.
Long term trend
Research Department The Italian Asset Management market Key figures
26 September 2017
8
n.a.
0% 3% 6% 9% 12% 15%
0 3 6 9 12 15
14%
n.a.
+18.3
12%
0% 2% 4% 6% 8% 10%
0 2 4 6 8 10
82%
74%
60%
199 ‐ 10%
300 ‐ 15%
3%
2%
482 ‐ 24%
4%
4%
0 20 40 60 80 100 120 140 160
JPMORGAN AM
ARCA
BANCO BPM
AXA
BNP PARIBAS
AZIMUT
MEDIOLANUM
ALLIANZ
UBI BANCA
BLACKROCK
ANIMA HOLDING
POSTE ITALIANE
AMUNDI
FIDEURAM
EURIZON
GENERALI
Net sales as % AuMFunds
€bn
AuM (August 2017) Net flows – 2017 :M8 2016
Mand. + –x%: Mkt share8
Top 15 Groups
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Research Department The Italian Asset Management market Key figures
26 September 2017
10
2017 :M8Domestic +10.2Round‐Trip +18.0
True Cross‐Border +26.6
0
4
8
12
16
20
2017 I II M7+M8
+32.2
+26.3
+5.3
+30.4
+44.7
+20.3+28.5
+23.5
+8.8
0
10
20
30
40
50
60
70
80
2014 2015 2016
Open-end funds: domicile breakdown
AuM & net flows, €bn. 10
Aug 2017972
Dec 2013
557
Dec 2016
901
28%
42%
30%
26%
31%43%
Research Department The Italian Asset Management market Key figures
26 September 2017
11
Long term trend: open-end funds
€bn, yearly data. Source: Assogestioni.
PioneerpreviouslyRound-Trip
9%
Research Department The Italian Asset Management market Key figures
26 September 2017
12
n.a.
n.a.
+12.7
0% 4% 8% 12% 16%
0 2 4 6 8
n.a.
n.a.Q1
+7.5
+8.9
+11.9
0% 3% 6% 9% 12% 15%
0 1 2 3 4 5
81%
70%
6%
3%
8%
12%
4%
15%149
2%
5%53%
7%
0 20 40 60 80 100 120
DEUTSCHE BANK
SCHRODERS
FIDELITY
PICTET AM
INVESCO
ARCA
UBI BANCA
JPMORGAN AM
AZIMUT
MEDIOLANUM
ANIMA HOLDING
BLACKROCK
GENERALI
AMUNDI
FIDEURAM
EURIZON
Top 15 Groups (open-end funds only)
12
Net sales as % AuM
€bn
AuM (August 2017) Net flows – 2017 :M8 2016
+ –x%: Mkt shareDomestic Round‐Trip True Cross‐Border
Research Department The Italian Asset Management market Key figures
26 September 2017
13
35%
17%
8%
21%
7%
9%
9%
11%
5%
2%
3%
41%
47%
39%
42%
10%
24%
41%
23%
0% 20% 40% 60% 80% 100%
TRUE CROSS‐BORDER
ROUND‐TRIP
DOMESTIC
TOTAL
Equity Balanced Money Market Bond Flexible Hedge
Asset Class breakdown
13June 2017.
248 bn – 26%
295 bn – 31%
402 bn – 43%
Research Department The Italian Asset Management market Key figures
26 September 2017
14
+10.2
0% 5% 10% 15% 20%
0 1 2 3 4
4%
10%
24%
4%
9%
5%
13%
21%
5%
5%
0 10 20 30 40 50 60 70 80 90
BALANCED
OTHER
SPECIAL. SECTOR
GLOBAL
SPECIAL. COUNTRY
EMERGING MKTS
PACIFIC AREA
AMERICA
EUROPE
EURO AREA
ITALY
Equity & balanced funds
Net sales as % AuMDomestic
€bn
AuM (June 2017) Net flows – 2017 II 2016
Round‐Trip + –x%: Mkt shareTrue Cross‐Border14
+4.4
0% 3% 6% 9% 12%
0 1 2 3 4
Research Department The Italian Asset Management market Key figures
26 September 2017
15
+8.4
+13.6
0% 5% 10% 15% 20% 25%
0 1 2 3 4 5
221
1%
21%
18%
21%
7%
7%
3%
10%
8%
5%
0 20 40 60 80 100 120 140
HEDGE
FLEX
FLEX (BOND)
SPECIALIZED
MIXED
EM
GLOBAL
DOLLAR AREA
EURO CORPORATE / HY
EURO GOV. M/L TERM
EURO GOV. SHORT T.
ITALY
MM FUNDS
Net sales as % AuM
€bn
AuM (June 2017) Net flows – 2017 II 2016
+ –x%: Mkt share15
Money mkt, Bond, Flex & Hedge funds
+13.4
0% 6% 12% 18% 24%
0 3 6 9 12
Domestic Round‐Trip True Cross‐Border
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Research Department The Italian Asset Management market Key figures
26 September 2017
17
The Italian fund market is retail-oriented
End of 2015 data.
Retail investors
Directdistribution DPM Unit
Linked Institutional
Open-end funds 3rd party funds
Research Department The Italian Asset Management market Key figures
26 September 2017
18
347 bn €145 bn €
Financial Advisors
Bank branches
Banks dominate the retail fund distribution landscape (1)
AuM of funds distributed to Italian retail clients (direct investment). End of 2015 data.
Top 5 groups
Top 5 groups
Top 10 groups
Top 10 groups
Total Total
Research Department The Italian Asset Management market Key figures
26 September 2017
19
Banks dominate the retail fund distribution landscape (2)
Italian ManGroups
Banks
Financialadvisors
AuM of funds distributed to Italian retail clients (direct investment). End of 2015 data.
Foreign ManGroups
80 bn € 243 bn €
65 bn € 103 bn €
captive93%
3rdparty80%
Research Department The Italian Asset Management market Key figures
26 September 2017
20
‐40
‐30
‐20
‐10
0
10
20
30
Q12007
Q2 Q3 Q4 Q12008
Q2 Q3 Q4 Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2 Q3 Q4 Q12017
Retail Bank Bonds Domestic and Round‐Trip Funds Foreign Funds
Quarterly flows, €bn. Source: Assogestioni, Bank of Italy.
Banks: no more dependent on funding from retail investors...
20
Research Department The Italian Asset Management market Key figures
26 September 2017
21€bn. Source: Assogestioni, bank balance sheets (Top 5 groups). 21
... and urged to sustain profitability through
non interest-based sources of revenues
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
‐15
‐10
‐5
0
5
10
15
20
25
Q12009
Q2 Q3 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3 Q4 Q12016
Q2 Q3 Q4 Q12017
Q2
Funds flows,captive Man.Cos. (l.) Net interest margin (r.)
Research Department The Italian Asset Management market Key figures
26 September 2017
22
Dis
tribu
tors
-O
pen
Arch
itect
ure
leve
l(3
rd p
arty
fund
inci
denc
e)
Banks FAs
(€bn)
Distribution of 3rd party funds: FAs more open than Banks...
42% aver.
28% aver.
End of 2015 data.
Research Department The Italian Asset Management market Key figures
26 September 2017
23
The more open the distributor...... the higher the proportion of foreign ManGroups funds
Dis
tribu
tors
-O
pen
Arch
itect
ure
leve
l(3
rd p
arty
fund
inci
denc
e)
(€bn)
End of 2015 data.
Italian ManGroups Foreign ManGroups
Research Department The Italian Asset Management market Key figures
26 September 2017
24
Regional breakdown (channels)
End of 2015 data.
Banks
FAs
Research Department The Italian Asset Management market Key figures
26 September 2017
25
354 bn €138 bn €
HNWI
Mass-Affluent
AuM of funds distributed to Italian retail clients (direct investment). End of 2015 data.
Distinction by type of retail investors (1)
Research Department The Italian Asset Management market Key figures
26 September 2017
26
Italian ManGroups
57 bn €HNWI
Mass-Affluent
Foreign ManGroups
234 bn €
81 bn €74 bn €
AuM of funds distributed to italian retail clients (direct investment). End of 2015 data.
Distinction by type of retail investor (2)
HNWI Mass-Affluent
Research Department The Italian Asset Management market Key figures
26 September 2017
27
Dis
tribu
tors
-O
pen
Arch
itect
ure
leve
l(3
rd p
arty
fund
inci
denc
e)
(€bn)
3rd party funds: private segment more open than Mass Affluent
54%aver.
24% aver.
End of 2015 data.
Mass/A. Private
Research Department The Italian Asset Management market Key figures
26 September 2017
28
Regional breakdown (clients)
End of 2015 data.
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Research Department The Italian Asset Management market Key figures
26 September 2017
30
0% 2% 4% 6% 8%
0 1 2 3 4
8%
8%
61%
9%
10%
4%
614
0 20 40 60 80 100
OTHER
INSURANCE PRODUCTS(UNIT & INDEX L‐ED)
INSURANCE PRODUCTS(TRADITIONAL)
PENSION PLANS
DISCRETIONARYMANDATES (GPM)
DISCRETIONARYMANDATES (GPF)
30
Net sales as % AuM
€bn
AuM (June 2017) Net flows – 2017 II 2016
+ ‐x%: Mkt shareDomestic Co.Foreign Co.
Mandates: AuM & Net Sales trends
13%
0% 3% 6% 9% 12%
0 3 6 9 12
Research Department The Italian Asset Management market Key figures
26 September 2017
31
n.a.
+26%
+ 6.8
‐31%
+5.5
0% 3% 6% 9% 12% 15%
0 1 2 3 4 5
151 ‐ 15%
94%
8%
1%
8%
89%
397 ‐ 39%
2%
3%79%4%
5%
0 10 20 30 40 50 60 70 80 90
AZIMUT
BANCA ESPERIA
CREDIT SUISSE
BLACKROCK
CREDITO EMILIANO
ANIMA HOLDING
BANCO BPM
BNP PARIBAS
UBI BANCA
AXA
ALLIANZ
POSTE ITALIANE
AMUNDI
FIDEURAM
EURIZON
GENERALI
Top 15 Groups (mandates only)
31
Net sales as % AuMRetail
€bn
AuM (August 2017) Net flows – 2017 :M8 2016
Instit. + –x%: Mkt share
n.a.
5.1
+21%
+24%
0% 2% 4% 6% 8%
0 1 2 3 4
Research Department The Italian Asset Management market Key figures
26 September 2017
32
80%
Insurance Mandates & Captive/Affiliated Insurers
Technical Res.Mandates
€bn, December 2016. Source: Assogestioni, balance sheets.
621
Italian insurancemarket (Dec 2016)
Italian Market: 35% 317361
0 30 60 90 120 150
BNPP CARDIF VITABNP PARIBAS
UBI BANCA (JV AVIVA / LOMBARDA VITA)UBI BANCA
BP (JV AVIPOP / POPOLARE VITA)BANCO POPOLARE
CREDIT AGRICOLE VITAAMUNDI
AXA ASS. (Gr.)AXA
ALLIANZ ASS. (Gr.)ALLIANZ
UCB (JV AVIVA / ALLIANZ / CNP)PIONEER INVESTMENTS
POSTE VITAPOSTE ITALIANE
INTESA SANPAOLO VITA (Gr.)EURIZON CAPITAL / FIDEURAM
GENERALI ASSICURAZIONI (Gr.)GENERALI INVESTMENTS
€ bn
Research Department The Italian Asset Management market Key figures
26 September 2017
33
Bonds66%
Funds27%
7%
Life Insurance Market: long-term trend
€bn, yearly data. Source: Ania, Ivass.
Dec. 2002
June 2017Dec. 2004Max Unit&Index l.
Dec. 2016
Research Department The Italian Asset Management market Key figures
26 September 2017
34
0 4 8 12 16 20 24
0 4 8 12 16 20 24
Top 10 Life Insurance Groups
Premiumsx%: Mkt shareClass III (unit/index)
Technical Reserves (Dec 2016)Flows – 2016 2015
Class I & Other + – Net flows
85%
€ bn
70%
Allianz/Creditras Vita
55%
Intesa Sanpaolo Vita/Fideuram Vita
Generali Ass./Generali Italia/Alleanza Ass./BG Vita
Unipolsai/Popolare Vita/Bim Vita/Arca Vita
0 10 20 30 40 50 60 70 80 90 100 110 120 130
CATTOLICA
MEDIOLANUM
AXA
BNP PARIBAS
AVIVA
UNIPOLSAI
ALLIANZ
POSTE ITALIANE
INTESA SANPAOLO
GENERALI
0 4 8 12 16 20 24
0 4 8 12 16 20 24
Research Department The Italian Asset Management market Key figures
26 September 2017
35
0 2 4 6 8 10
0 2 4 6 8 10
90%
€ bn
71%
Generali Ass./Generali Italia/Alleanza/BG Vita
54%
Allianz/Creditras Vita
Intesa Sanpaolo Vita/Fideuram Vita
0 5 10 15 20 25 30 35
AXA
UNIPOLSAI
AVIVA
CNP ASSURANCES
POSTE ITALIANE
OLD MUTUAL
GENERALI
MEDIOLANUM
ALLIANZ
INTESA SANPAOLO
Technical Reserves (Dec 2016) Flows – 2016 2015
x%: Mkt share
Top 10 Unit&Index Linked Groups
Premiums+ – Net flows
0 1 2 3 4 5 6 7
0 1 2 3 4 5 6 7
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Research Department The Italian Asset Management market Key figures
26 September 2017
37
62%
38%
1,9681,873
1,536
555309
3,944
2,231
14,894
Germany13%
France13%
UK10%
Switzerland4%
Italy2%
Luxembourg26%
Ireland15%
Europe100%
Ucits
AIF
+10%+7%
+6%+5%
+6%+7%
+9%+4%
+6%+5%
‐1%+5%
+7%+3%
+6%+4%
372017Q2 €bn. Source: Efama, AFG, BVI.
Net Assets by fund domicile
Growth rate‘16
’17Q2
42% 41%
93% Spezialf.
36% MM
Research Department The Italian Asset Management market Key figures
26 September 2017
38
+21
+41
+40
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
France
+149
+55
+110
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Germany
201220132014
+20 2015
+4 2016
2017
IIIIIIIVI
IIIIIIVIII
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
UK
+298
+151
+9.7
+99
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Luxembourg
+507
+721
+455
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Europe
2016
20122013
+27
2014
+8
+8
2015
‐14%
‐2017%
IIIIIIIVIIIIIIIVIII
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Italy
Net sales by fund domicile
Net sales as a % of AuM. Yearly data in €bn. Source: Efama, BVI.
Research Department The Italian Asset Management market Key figures
26 September 2017
39Index values. Source: Efama.
Net Assets by fund domicile – Long-term growth
50
100
150
200
250
300
2009 2010 2011 2012 2013 2014 2015 2016 2017 Q2
Ireland
Luxembourg
UK
France
Germany
Italy
Research Department The Italian Asset Management market Key figures
26 September 2017
40
60%
36%
38%
3,944
2,231
14,894
1,119
62%
2,588
2,206
2,891
628
Germany24%
France15%
UK47%
Switzerland50%
Italy51%
Luxembourg Ireland Europe
Domestic Funds ‐ Ucits
Domestic Funds ‐ AIF
Luxembourg Funds
Irish Funds
Growth rate‘16’17 Q2
+4%
+4%
+4%+7%
+5%+7%
+7%+4%
Net Assets by fund group domicile
2017Q2. €bn. Foreign (Round-trip) share in %. Est. on Efama, Assogestioni, ALFI & IFIA data.Exp > 90%
Exp 10%
+8%+4%
+10%+7%
+6%+5%
+6%+7%
Research Department The Italian Asset Management market Key figures
26 September 2017
41
Net sales: fund domicile vs. fund group domicile
Net sales as a % of AuM. Fund domicile (blue), fund group domicile (black). Est. on Efama, Assogestioni, ALFI, IFIA & BVI data.
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Germany
201220132014
2015
2016
2017
IIIIIIIV
III
IIIIV
III
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
UK‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Luxembourg‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Europe
201220132014
2015
2016
+15%+14%
IIIIIIIVIIIIIIIVIII 2017
‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
Italy‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%
France
Key figures26 September 2017
The Italian Asset Management market
Research Department
1. The Italian Asset Management market
Overview
Open-end funds: AuM, flows & Asset classes
Open-end funds: Distribution
Mandates and the insurance market
2. The European Investment Fund Industry
Net assets & sales by fund / fund group domicile
3. Savings & Wealth
Household saving rate: trend & int’l comparison
Household financial portfolio & private pension plans
Research Department The Italian Asset Management market Key figures
26 September 2017
43
0%
5%
10%
15%
20%
25%
0%
5%
10%
15%
20%
25%
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Q1
EU avg Italy Germany France UK
Household saving rates in Europe
Gross household saving rates. Source: Eurostat.
Research Department The Italian Asset Management market Key figures
26 September 2017
44
Total Issued by banks Total Listed
Italy € bn % % % % % % %1995 1,809 38.0% 22.5% 1.9% 19.2% 2.8% 5.8% 9.3%2000 3,058 22.8% 16.5% 6.3% 29.3% 5.4% 16.9% 10.5%2005 3,898 23.4% 18.9% 7.0% 28.0% 2.4% 10.9% 14.8%2010 3,695 30.4% 19.6% 10.0% 19.8% 1.9% 7.8% 18.1%2014 4,038 30.9% 12.7% 6.1% 22.9% 1.6% 9.7% 19.8%2016 4,168 31.9% 8.7% 3.3% 22.0% 1.3% 11.5% 21.9%
2017 Q1 4,199 31.6% 8.4% 2.9% 21.8% 1.3% 12.0% 22.6%
2017 Q1France 5,193 28.0% 1.2% n.a. 21.1% 4.7% 5.5% 36.8%Germany 5,853 39.0% 2.7% n.a. 10.8% 5.5% 10.4% 30.7%UK 7,756 23.8% 1.7% n.a. 8.4% 2.6% 2.0% 60.3%USA 72,131 13.4% 5.6% n.a. 35.8% n.a. 11.0% 32.5%
Total Asset Currency & deposits
Investment funds
Pension funds & life pr
Bonds Stocks
Household financial portfolio breakdown
High level of directinvestment (~ 30%)
Decreasingamounts of bankissued bonds (3.3%)
Negligible level oflisted shares. High level of unlistedones.
Funds: rise until1999 (18%) thendown, then againup.
Pensions/life product: up but stilltoo modest.
44%. Source: Eurostat, OECD, BCE, Deutsche Bundesbank.
Research Department The Italian Asset Management market Key figures
26 September 2017
45
0%
10%
20%
30%
40%
50%
60%
70%
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17Q1
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17Q1
Managed products in household portfolios
too low?
Italy France Germany United Kingdom USA
Investment funds Pension funds & life products
abnormallyhigh?
45Source: Eurostat, OECD, BCE, Deutsche Bundesbank.
Research Department The Italian Asset Management market Key figures
26 September 2017
46
Private pension plans at a glance (2nd & 3rd pillar)
Source: Covip, Istat, RGS.
2008
(,000)
Member breakdown 7,787 21.0%
Employees 5,788 21.7%
Self‐employed 1,999 19.0%
(,000) % '16 ∆ % '08 ∆ % (€ m) % GDP
Vehicle breakdown 7,787 100% +8% +60% 151,278 9.0%
Contractual p.f. 2,597 33% +7% +27% 45,931
Open p.f. 1,259 16% +19% +58% 17,092
Ind. Insurance Plans (PIP) 3,281 42% +8% +138% 30,642
Ante 1993 p.f. ('pre‐existing') 654 8% +1% ‐5% 57,538
Membership rate
22,757 34.2%
17,310 33.4%
5,447 36.7%
2016
Working pop. (est.)Membership
rate
2016 Members Assets
The Italian Asset Management marketkey figures
26 September 2017
Research Department