• Total net inflows at €600 million in March (€1,649 million YTD)
• Net inflows of Assets under Investment at €148 million (€651 million YTD)

Milan, 8 April 2024 –In March, Banca Generali's net inflows amounted to €600 million, bringing the YTD total to €1,649 million, up 8% compared to the same period of the previous year.

The net inflow mix for the quarter improved markedly thanks to the sharp increase in demand for investment products and services (Assets under Investment), which grew to €651 million for the quarter, compared to €109 million for the January-March period of the previous year. In detail, there was renewed interest in managed solutions and insurance policies, which recorded €268 million net inflows compared to net outflows of €322 million for the first three months of 2023.

The performance of managed solution continued to be driven mainly by financial wrappers with €286 million in the quarter (+83% YoY), whereas among funds there was a good demand for inhouse funds (€107 million in the quarter) thanks to the launch of new investment lines.

Demand for Assets under Custody normalised compared to last year’s all-time highs, even considering the €399 million subscription of the issue of BTP Valore for retail customers. Within this context, net inflows from AUC & Banking under Advisory amounted to €383 million in the quarter compared to €431 million for the same quarter of the previous year (-11%), whereas net inflows from Other Assets, albeit remaining at a significant absolute value of €998 million for the quarter, declined compared to €1,415 million for the same quarter of the previous year (-29%) chiefly as a result of lower demand AUC products.

Chief Executive Officer and General Manager Gian Maria Mossa stated: “March was yet another month of robust data that allowed us to close the first quarter with YoY growth in terms of net inflows, investment products and services (AUI) and insurance policies. In the second half of March, we expanded the Lux IM range, which met with great interest as confirmed by recent weeks’ results. I am convinced that our dynamic approach based on protection, diversification and family offices will enable us to continue to attract new clients and catalyse the interest of the most talented Financial Advisors. Our growth for the quarter and the strong demand make us look towards the coming months with optimism.”