July was the best month of 2016 in terms of net inflows (both total and in managed products) and the best ever month for the new wrapper products. Funds, portfolio management and insurance solutions reached 552 million, equal to 92% of the total (601 million), for a 37% growth YTD in total net inflows to 3.5 billion.
The innovative, bespoke managed solutions for the protection of households assets, are speeding the acquisition of new customers, particularly in the private segment, as they appreciate the distinctive features of specific products and the banks new wealth management solutions. The new wrappers of managed products showed the best result of the year, with overall net inflows of 300 million, of which 180 million gathered by BG Solution and 120 million by the multi-line policy BG Stile Libero.
Since inception in March 2016, BG Solution has gathered 603 million, whereas BG Stile Libero has reached 678 million net inflows YTD, for a total of 1.28 billion, accounting for nearly 60% of total net inflows of managed products for the period.
General Manager Gian Maria Mossa stated: In the first half of the year, we ranked first in terms of net inflows of managed products within the Assoreti market. July recorded an even stronger performance, with the best net inflows figures year-to-date. In a context of ongoing volatility and pressures on the financial system, we further strengthen our ties with households and our professionals using the instruments that could best achieve portfolio stability and exploit opportunities. Our solutions for private customers, with growing services, guarantees and insurance products are increasingly successful, as shown by the record results achieved in July by our managed solutions marked by a high level of customisation and asset protection. The trust that our customers place in us bodes well for further growth in the coming months.