I first semester Ended with the development of the food sector. Private banking which he recorded in late June. A strong one Assets increased by 1196 billion. of Euro, with one A 2.2 percent increase 1,171 billion recorded at the end of March 2024.Italian Private Banking Association (AIPB), according to the data More than predicted It was expected to close at 1,184 billion by the end of the year.
“Private banking continues to grow and is approaching the threshold of 1,200 billion assets, six months ahead of expectations by the end of the year. is banker-centric, evidenced by significant entry of new players and rapidly growing net collections”, he commented. Andrea RaginiPresident AIPB.
That pushed the industry forward
Effect of new collection and revaluation Positive dynamics were in line with expectations, but performance was most appreciated.Entry of new players In the private market, with a 28 billion positive contribution Euro, which made it possible to exceed the projections in just six months.
take Macroeconomic and financial scenario The second quarter of the year was a feature. Weak dynamics Stock markets, particularly European and Italian markets, recorded a more positive performance in the US market. The reference rate of Central banks They saw a The standstill periodAhead of June cuts for the ECB, while the Fed continues to take a wait-and-see approach.
Between March and June 2024The dynamics of the market offered by private banking in Italy have been very positively affected Net Collection (+18 billion)a significant increase over previous quarters, while Market influence brought a smaller contribution than in recent periods (+4 billion compared to +32 billion in the first quarter of the year).
Broadening the horizon to the whole First Semesterin terms of AuM is a positive change of +8.5% compared to the end of 2023. There Net collectionRaised by 30 billioni, in just six months reached 80% of what was recorded in the entire previous year. Market influence I played a positive role. 36 billioncompared to the previous year, while organizational changes were very important in determining the dynamics of the industry’s growth in this period (+28 billion).
Bonds and funds are drawn.
There is one in the second trimester Positive change for the majority of products of private banking, despite slow growth. The biggest increase was recorded by Bond products (+9.3 billion), followed by Mutual funds (+5.7 billion) and from Asset Management (+3,8 mld).
Even Liquidity begins to increase again. (+4 billion) Insurance products See a minimal change (+1.6 billion), then ETF/ETN/ETC (+1.4 billion). However, it was slightly lacking. actions (-0,8 mld).
In the first half of 2024Portfolio composition seems to stabilize: All sectors are developing. By about 2.5 percent, With the exception of insurance That stops at +0.7%. In particular, direct and administrative collections grow mainly thanks to net collections, while in the organized sector, the increase is split equally between market influence and net collections.
In the second trimester Direct collection increases by 2.7%, reaching 173 billion: Divided equally between an increment. own bank bonds (+2,5%) and liquidity (+2.7%), due to which the composition of the sector remained stable. There Organized collection increases significantly, driven by Fixed Rate Securities (bonds +4.8% and government bonds +5%), while Shares fall A slight (-0.6%), sector-weighted loss of 4pp over 12 months.
ETFsHowever, I gained a bit (+0.2%), reaching about 5%. In progress. Restoration of management (+2.4%), thanks to an almost identical result between asset management (+2.3%) and mutual investment funds (+2.2%), the composition is stable.
