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China inflows aid Italy's Eurizon

 Italian asset manager Eurizon was able to limit a decrease in assets under management (AUM) during the first quarter to 7% partly thanks to “excellent” fund flows in China. Shenzhen-based Penghua Fund Management, in which Eurizon has a 49% stake, contributed €6 billion of inflows during the quarter – a development that reflects how Asia has other European asset managers with business there, including Amundi. However, despite the lift by China, net flows for Eurizon globally were down €3.8 billion during the quarter, with March being the worst month as the Covid-19 pandemic took hold. Eurizon reported AUM of €312 billion at the end of Q1, which is a 1% fall from the same date a year previously. Consolidated net income amounted to €100.2 million and fee and commission income came to €174.5 million. The firm’s cost/income ratio was under 20%. Based in Italy, one of Europe’s worst-hit countries by Covid-19, the firm said it had also contributed €100,000 to provide support and equipment to two hospitals, one in Milan and the other in Bergamo, two of the hardest-hit areas. Saverio Perissinotto (pictured), CEO of Eurizon, said: “Eurizon continues to be a solid and resilient organisation even in the face of an extraordinary and unexpected situation like the one we are currently facing, thanks to the efforts of all its employees. In an unprecedented time in history, we have maintained our focus on increasing the value our customers’ savings, while guaranteeing operational and management continuity both in Italy and abroad.” © 2020 funds global asia

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