• Total net inflows at €517 million in March (€1,494 million YTD)
• Net outflows from managed products for €229 million (positive for €140 million YTD)

Milan, 3 April 2020 - Banca Generali’s total net inflows grew by €517 million in March, thus confirming the strong trend of the previous months, despite the severely changed context due to the spread of the COVID-19 pandemic. As shown by past experience, in times of greater uncertainty and volatility, Banca Generali stands out as a point of reference in terms of solidity and flexible offering for both existing and new clients, as reflected in the strong net inflows data.

In March, the net inflows mix was obviously impacted by the extreme volatility of international financial markets, which are currently facing one of the worst periods of the last decades. Nearly all asset classes were negatively impacted by this exceptional scenario. As a direct consequence, there was a shift mainly towards current accounts and AUC solutions (€746 million in March; €1.35 billion YTD). Among AUC solutions, worthy of mention was net inflows in structured products (€69 million).

With regard to managed solutions, the LUX IM Sicav reported an excellent performance with net inflows positive for €92 million in March and €540 million YTD. This positive result was driven by the increasingly widespread adoption of the savings plans launched in late 2019 to enable a gradual access to markets. While LUX IM reported a positive performance, outflows were recorded mainly by third-party funds and, to a lesser extent, by some portfolio management lines. Insurance asset management products were essentially stable, confirming the defensive nature of these solutions, which are less impacted by market changes. Total net outflows of managed products were €229 million, a limited amount compared to total managed assets (positive for €140 million YTD).

In March, Assets under Advisory continued to increase as total assets amounted to €4.6 billion, impacted by the market situation.

Chief Executive Officer and General Manager Gian Maria Mossa stated: “Despite the concerns and criticalities relating to the pandemic, we have stood by our customers, supporting them in protecting their wealth and defending against severe volatility and impulsive decision-making. We offer a full range of digital tools for our bankers and households to advise them on their daily and long-term financial needs. The excellent work done in diversifying the range of products and services, including the decorrelated portfolio management lines and opportunities offered by our SICAV, is drawing investors to savings plans that limit variables tied to market fluctuations. We are also speeding development of solutions designed to channel investment into the real economy to revitalise businesses and new approaches to protecting customers. The confidence shown in us by our customers is a sign that we are headed in the right direction, in the hope that we will soon see Italy enter into a recovery phase.”