the italian asset management market - assogestioni855,11422/2016-09-23-the... · key figures 23...

The Italian Asset Management marketkey figures

23 September 2016

Research Department

Key figures23 September 2016

The Italian Asset Management market

Research Department

1. The Italian Asset Management market Summary statistics

Open-end funds

Mandates

A snapshot of the insurance market

The recovery, some tentative explanations

2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile

3. Savings & Wealth Household saving rate: trend & int’l comparison

Household financial portfolio & private pension plans

Research Department The Italian Asset Management market Key figures

23 September 2016

4AuM, net flows & performance, €bn. 4

The Italian AM market (Jan 2015: Aug 2016)

857

935

+2.6%

52%

918

731

+141.0

898

49%

+27.5+0.9

Dec 2014 Dec 2015 Aug 16

+62.4

48%

‐1.0

+1.9

1,588

+95.3

+46.0

Mand.

Funds

+9.5

89949%

BlackRock

1,834

2015

II :M7+M8

992

Perf.

51%

+13.5

+14.1 +6.4

+3.1

1,910+2.1%

Perf.

I


23 September 2016

5

Net flows (monthly data)

Monthly data. Source: Assogestioni.

‐8

‐6

‐4

‐2

0

2

4

6

8

10

12

14

16

18

20

22

24

26

Jan2013

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2014



Feb Mar Apr May Jun Jul Aug€ bn


23 September 2016

6

III

‐0.01

+0.04

+0.53+0.07

+0.1

IV

2016 I:M7+M8II

2015 III

‐1.0:M7+M8

+15.6

+9.3

+13.4+6.3

2015 III

2016 I

IV

II

+2.4

+8.1

+9.7

+14.1

+2.1

IV

2015 III

:M7+M8

2016 I

II

7%124

‐0.4

+1.1

+0.8‐0.0

+1.0

2016 I

:M7+M8

2015 III

IV

II

Product breakdown

6

4%

43

45%868

Open‐end Funds

Retail Mandates (discretionary portfolios)

Closed‐end Funds

Institutional Mandates

87046% 3%

48


23 September 2016

7€bn, yearly data. Source: Assogestioni.

Long term trend


23 September 2016

8

n.a.

+11.5

0% 2% 4% 6% 8% 10%

0 2 4 6 8 10

+22.8

+33.4

n.a.

0% 4% 8% 12% 16% 20% 24%

0 3 6 9 12 15 18

82%

73%

60%

15%279

25%

3%

2%

479

4%

8%

5%

0 20 40 60 80 100 120 140 160

ARCA

BANCO POPOLARE

AXA

BNP PARIBAS

AZIMUT

MEDIOLANUM

AMUNDI

ALLIANZ

UBI BANCA

BLACKROCK

ANIMA HOLDING

POSTE ITALIANE

PIONEER INVESTMENTS

FIDEURAM

EURIZON CAPITAL

GENERALI

Net sales as % AuMFunds

€bn

AuM (Aug 2016)Net flows – 2016 :M8 2015

Mand. + –x%: Mkt share 8

Top 15 Groups


23 September 2016

9

Open-end funds: domicile breakdown

AuM & net flows, €bn. 9

Aug 2016871

Dec 2012482

Dec 2015

850

31%

43%

26%

27%

39%

34%

2016 : M8Domestic +4.4

R‐trip/Offshore +10.5Foreign +3.8

‐4

‐2

0

2

4

6

8

10

12

14

16

2016 I 2016 II :M7+M8

+10.7

+32.2+26.3

+15.6

+30.4

+44.7

+19.6

+28.5+23.5

0

10

20

30

40

50

60

70

80

2013 2014 2015


23 September 2016

10

Long term trend: open-end funds

€bn, yearly data. Source: Assogestioni.


23 September 2016

11

n.a.

+20.2

0% 8% 16% 24% 32% 40%

0 3 6 9 12 15

+7.1

n.a.

0% 2% 4% 6% 8% 10% 12%

0 1 2 3 4 5 6

80%

68%

3%

6%

8%

10%

5%

15%

2%

5%

4%

51%

7%

0 10 20 30 40 50 60 70 80 90 100 110 120 130

SCHRODERS

PICTET

DEUTSCHE BANK

INVESCO

AMUNDI

ARCA

JPMORGAN AM

UBI BANCA

AZIMUT

MEDIOLANUM

BLACKROCK

ANIMA HOLDING

GENERALI

PIONEER INVESTMENTS

FIDEURAM

EURIZON CAPITAL

Top 15 Groups (open-end funds only)

11Net sales as % AuMDomestic

€bn


R‐trip/Offshore + –x%: Mkt shareForeign


23 September 2016

12

Asset Class breakdown

12June 2016.

232 bn – 28%

326 bn – 39%

276 bn – 32%34%

17%

8%

20% 8%

8%

6%

2%

4%

42%

47%

40%

43%

10%

24%

41%

24%

0% 20% 40% 60% 80% 100%

FOREIGN

R‐TRIP/OFFSHORE

DOMESTIC

TOTAL

Equity Balanced Money Market Bond Flexible Hedge


23 September 2016

13

+1.71

‐1.66

0% 2% 4% 6% 8% 10%

0.0 0.3 0.6 0.9 1.2 1.5

6%

12%

5%

6%

11%

6%

17%

27%

6%

5%

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75

BALANCED

OTHER

SPECIAL. SECTOR

GLOBAL

SPECIAL. COUNTRY

EMERGING MKTS

PACIFIC AREA

AMERICA

EUROPE

EURO AREA

ITALY

+12.9

0% 8% 16% 24% 32% 40%

0 2 4 6 8

Equity & balanced funds

Net sales as % AuMDomestic

€bn

AuM (Jun 2016)Net flows – 2016 II 2015

R‐trip/Offshore + –x%: Mkt shareForeign 13


23 September 2016

14

+7.1

0% 2% 4% 6% 8% 10%

0.0 0.5 1.0 1.5 2.0 2.5

1%

202

18%

18%

21%

6%

6%

2%

10%

11%

7%

0 20 40 60 80 100 120 140 160 180

HEDGE

FLEX

FLEX (BOND)

SPECIALIZED

MIXED

EM

GLOBAL

DOLLAR AREA

EURO CORPORATE / HY

EURO GOV. M/L TERM

EURO GOV. SHORT T.

ITALY

MM FUNDS

+51.6

+34%

+23%

0% 4% 8% 12% 16% 20%

0 2 4 6 8Net sales as % AuMDomestic

€bn



Money mkt, Bond, Flex & Hedge funds


23 September 2016

15

20%

30%

40%

50%

0

20

40

60

80

100

120

140

-20

-10

0

10

20

30

40

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Net & gross flowsNet

(€ bn)Gross(€ bn)

15Gross Sales Gross Redemptions Net Sales Funds w/Net Sales>0


23 September 2016

16

‐40

‐30

‐20

‐10

0

10

20

30

40

50

60

70

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

The blockbuster effect : top quartile funds take all

16Net flows, €bn. I II III IV Top 1% New Stories


23 September 2016

17

New stories tag cloud

2013 2014 2015 2016New funds 560Year

456 439 252

17


23 September 2016

18

+10.8

+7.9%

+5.5

0% 1% 2% 3% 4% 5%

0 1 2 3 4 5

8%

8%

63%

8%

10%

3%

612

0 20 40 60 80 100

OTHER

INSURANCE PRODUCTS(UNIT & INDEX L‐ED)

INSURANCE PRODUCTS(TRADITIONAL)

PENSION PLANS

DISCRETIONARYMANDATES (GPM)

DISCRETIONARYMANDATES (GPF)

0% 6% 12% 18% 24%

0 3 6 9 12

18Net sales as % AuM

€bn


+ ‐x%: Mkt shareDomestic Co.Foreign Co.

Mandates: AuM & Net Sales trends


23 September 2016

19

+10.5

n.a.

+13.2

0% 4% 8% 12% 16% 20% 24%

0 1 2 3 4 5 6

n.a.

+ 6.6

‐29%

0% 5% 10% 15% 20%

0 1 2 3 4 5

147

41%

93%

8%

1%

6%

88%

403

2%

3%

78%4%

15%

5%

0 10 20 30 40 50 60 70 80

BANCA ESPERIA

CREDIT SUISSE

BLACKROCK

CREDITO EMILIANO

BNP PARIBAS

ANIMA HOLDING

BANCO POPOLARE

AMUNDI

UBI BANCA

AXA

ALLIANZ

PIONEER INVESTMENTS

POSTE ITALIANE

FIDEURAM

EURIZON

GENERALI

Top 15 Groups (mandates only)

19Net sales as % AuMRetail

€bn


Instit. + –x%: Mkt share


23 September 2016

20

Italian Market: 30% 305371

0 30 60 90 120 150

BNPP CARDIF VITABNP PARIBAS

UBI BANCA (JV AVIVA / LOMBARDA VITA)UBI BANCA

BP (JV AVIPOP / POPOLARE VITA)BANCO POPOLARE

CREDIT AGRICOLE VITAAMUNDI

AXA ASS. (Gr.)AXA

ALLIANZ ASS. (Gr.)ALLIANZ

UCB (JV AVIVA / ALLIANZ / CNP)PIONEER INVESTMENTS

POSTE VITAPOSTE ITALIANE

INTESA SANPAOLO VITA (Gr.)EURIZON CAPITAL / FIDEURAM

GENERALI ASSICURAZIONI (Gr.)GENERALI INVESTMENTS

€ bn

81%

Insurance Mandates & Captive/Affiliated Insurers

Technical Res.Mandates

€bn, December 2015. Source: Assogestioni, balance sheets.

585

Italian insurancemarket (Mar 2016)


23 September 2016

21

Bond 69%

Funds 24%

7%

Life Insurance Market: long-term trend

€bn, yearly data. Source: Ania, Ivass.

Dec. 2015

Dec. 2002

June 2016Dec. 2004Max Unit&Index l.


23 September 2016

22

0 4 8 12 16 20 24

0 4 8 12 16 20 24

86%

€ bn

71%

Allianz/Creditras Vita

55%

Intesa Sanpaolo Vita/Fideuram Vita

Generali Ass./Generali Italia/Alleanza Ass./BG Vita

Unipolsai/Popolare Vita/Bim Vita/Arca Vita

0 10 20 30 40 50 60 70 80 90 100 110 120

CATTOLICA

BNP PARIBAS

AXA

AVIVA

MEDIOLANUM

UNIPOLSAI

ALLIANZ

POSTE ITALIANE

INTESA SANPAOLO

GENERALI

0 4 8 12 16 20 24

0 4 8 12 16 20 24

Top 10 Life Insurance Groups

Premiumsx%: Mkt shareClass III (unit/index)

Technical Reserves (Dec 2015)Flows – 2015 2014

Class I & Other + – Net flows (*: notavailable)


23 September 2016

23

0 2 4 6 8 10

0 2 4 6 8 10

0 2 4 6 8 10

0 2 4 6 8 10

91%

€ bn

71%

Generali Ass./Generali Italia/Alleanza/BG Vita

54%

Allianz/Creditras Vita

Intesa Sanpaolo Vita/Fideuram Vita

0 5 10 15 20 25 30

AXA

UNIPOLSAI

CNP ASSURANCES

AVIVA

OLD MUTUAL

POSTE ITALIANE

GENERALI

MEDIOLANUM

ALLIANZ

INTESA SANPAOLO

Technical Reserves (Dec 2015) Flows – 2015 2014

x%: Mkt share

Top 10 Unit&Index Linked Groups

Premiums+ – Net flows (*: notavailable)



Research Department


Open-end funds

Mandates







23 September 2016

25

A pro-cyclical market

€bn, yearly data. Source: Assogestioni, MSCI.

MSCI WORLD (Loc)


23 September 2016

26

... in search for yield

% Yield. Source: Bank of Italy.

0

1

2

3

4

5

6

7

8

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Aug

BTP Yield (Rendistato)


23 September 2016

27Source: Assogestioni, Bank of Italy, Eurostat.

AM Market, GDP & Bank credit

‐50

‐40

‐30

‐20

‐10

0

10

20

30

40

50

90

92

94

96

98

100

102

104

106

108

110

I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II

2008 2009 2010 2011 2012 2013 2014 2015 '16

€bn

Net Sales Funds (r.)

Corporate loans (l.,index)

GDP (l.,index)

Italy

Germany

France

UK


23 September 2016

28

1741 26 39 43 48 69

4071

1559

18 30 26 15

‐73

17

3634

‐49

31

‐44

35

‐68 ‐45

68

‐22 ‐36 ‐31 ‐32

2413

2319

27

21 13 2744

29

14

‐36‐74 ‐71

‐16

9120

‐11

19

‐10 ‐27 ‐44 ‐49

8

‐21

21

3258 43

41

38

3841

57 51

5531

28

28

23

5349

16

‐150

‐100

‐50

0

50

100

150

200

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Q1

€bn

Currency&Deposits Italian Gov.Bonds Bank Bonds Investment Funds Pension Funds&Life Products

Households: less bonds, more funds (flow view)

€bn. Source: Bank of Italy.


23 September 2016

29

TotalIssued by

banksTotal Listed

Italy € bn % % % % % % %

1995 1,799 38.2% 22.6% 1.9% 19.3% 2.8% 5.8% 8.7%

2000 3,041 22.9% 16.5% 6.4% 29.5% 5.4% 17.0% 10.0%

2005 3,864 23.6% 19.0% 7.1% 28.3% 2.4% 11.0% 14.2%

2010 3,633 30.7% 19.7% 10.3% 20.1% 2.0% 7.5% 17.6%

2012 3,732 31.6% 19.3% 10.0% 19.7% 1.6% 7.3% 17.8%

2015 4,117 30.9% 10.7% 4.5% 23.3% 1.6% 11.1% 20.1%

2016 Q 1 4,047 31.8% 10.5% 4.3% 22.1% 1.4% 11.0% 20.7%

2016 Q 1

France 4,896 28.4% 1.4% n.a. 20.3% 4.1% 6.8% 34.2%

Germ any 5,502 39.1% 3.1% n.a. 10.1% 4.8% 9.8% 31.3%

UK 8,244 22.9% 1.5% n.a. 7.9% 2.7% 4.2% 59.4%

USA 62,431 13.8% 6.3% n.a. 34.9% n.a. 10.8% 32.3%

Total Asset Currency

& depositsInvestm ent

funds

Pension funds & life pr

Bonds Stocks

Households: less bonds, more funds (stock view)

%. Source: Eurostat, OECD, BCE, Deutsche Bundesbank.


23 September 2016

30

0%

5%

10%

15%

20%

25%

0%

5%

10%

15%

20%

25%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 Q1

EU avg Italy Germany France UK

The uptick of the saving rate is good news for the industry

Gross household saving rates. Source: Eurostat.


23 September 2016

31

‐40

‐30

‐20

‐10

0

10

20

30

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Retail Bank Bonds Domestic and Round‐Trip Funds Foreign Funds

Quarterly flows, €bn. Source: Assogestioni, Bank of Italy.

Banks: no more dependent on funding from retail investors...

31


23 September 2016

32

5.5

6

6.5

7

7.5

8

8.5

9

9.5

‐15

‐10

‐5

0

5

10

15

20

25

Q12009

Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2

Funds flows, captive Man.Cos (l.) Net interest margin (r.)

€bn. Source: Assogestioni, bank balance sheets (Top 5 groups). 32

... and urged to sustain profitability throughnon interest-based sources of revenues


23 September 2016

33

+7.1

0% 2% 4% 6% 8% 10%

0.0 0.5 1.0 1.5 2.0 2.5

1%

202

18%

18%

21%

6%

6%

2%

10%

11%

7%

0 20 40 60 80 100 120 140 160 180

HEDGE

FLEX

FLEX (BOND)

SPECIALIZED

MIXED

EM

GLOBAL

DOLLAR AREA

EURO CORPORATE / HY

EURO GOV. M/L TERM

EURO GOV. SHORT T.

ITALY

MM FUNDS

+51.6

+34%

+23%

0% 4% 8% 12% 16% 20%

0 2 4 6 8

Net sales as % AuMDomestic

€bn


The success of funds with high margins (target-date funds)



Research Department


Open-end funds

Mandates







23 September 2016

35

1,8071,681

1,371

522

275

3,462

1,917

13,290

Germany14%

France13%

UK10%

Switzerland4%

Italy2%

Luxembourg26%

Ireland14%

Europe100%

Ucits

AIF

+14%+1%

+17%+0%

+13%‐1%

+9%+5%

+6%+0%

+13%‐8%

+21%+4%

+13%‐2%

61%

352016Q1 €bn. Source: Efama, AFG, BVI.

Net Assets by fund domicile

Growth rate‘15

’16Q2

44% 40%

90% Spezialf.


23 September 2016

36

Net sales by fund domicile

Net sales as a % of AuM. Yearly data in €bn. Source: Efama, BVI.

‐21

+29

‐7%

+17

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

France

+95

+106

+56

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Germany

201120122013

+342014

+13 2015

2016‐8

IIIIIIIV

IIIIIIIV

III

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

UK

+254

+261

+8.1

+15

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Luxembourg

+599

+721

+164

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Europe

201120122013

+342014

+24

+1

2015

‐14%

+5.4%2016

IIIIIIIVIIIIIIIVIII

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Italy


23 September 2016

37Index values. Source: Efama.

Net Assets by fund domicile – Long-term growth

50

100

150

200

250

300

2009 2010 2011 2012 2013 2014 2015 2016 Q1 2016 Q2

Ireland

Luxembourg

UK

France

Germany

Italy


23 September 2016

38

60%

39%

3,462

1,917

13,290

1,008

2,375

1,982

2,562

564

Germany24%

France15%

UK46%

Switzerland48%

Italy51%

Luxembourg Ireland Europe

Domestic Funds ‐ Ucits

Domestic Funds ‐ AIF

Luxembourg Funds

Irish Funds

Net Assets by fund group domicile

2016Q1. €bn. Foreign (Round-trip) share in %. Est. on Efama, Assogestioni, ALFI & IFIA data.Exp > 90%

Exp 10%

+10%+3%

Growth rate‘15’16 Q2

+13%‐4%

+0%+8%

+7%+1%

+15%+0%

+14%‐4%

+17%‐2%

+13%‐3%

61%


23 September 2016

39

Net sales: fund domicile vs. fund group domicile

Net sales as a % of AuM. Fund domicile (blue), fund group domicile (black). Est. on Efama, Assogestioni, ALFI, IFIA & BVI data.

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Germany

201120122013

2014

2015

2016

IIIIIIIV

IIIIII

IVI

II

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

UK‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Luxembourg‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Europe

201120122013

2014

2015

+15%

‐9%

IIIIIIIVIIIIIIIV

III

‐14%

2016

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

Italy

‐8.1%

‐8% ‐6% ‐4% ‐2% +0% +2% +4% +6% +8%

France



Research Department


Open-end funds

Mandates







23 September 2016

41

Household saving rates in Europe

Gross household saving rates. Source: Eurostat.

0%

5%

10%

15%

20%

25%

0%

5%

10%

15%

20%

25%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 Q1

EU avg Italy Germany France UK


23 September 2016

42

15.3%

Italy

10.5%

8%

10%

12%

14%

16%

2009

2010

2011

2012

2013

2014

2015

2016

Q1-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

-1.5% -1.0% -0.5% 0.0% 0.5% 1.0%

∆ c

onsu

mpt

ion

∆ income

How income & consumption Δ% affect saving rates

2008Q4:2016Q1. Source: Eurostat.


23 September 2016

43

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

-1.0% -0.5% 0.0% 0.5% 1.0% 1.5%

∆ c

onsu

mpt

ion

∆ income


2008Q4:2016Q1. Source: Eurostat.

17.1%

Germany 17.1%

10%

12%

14%

16%

18%

14.7%

France 14.7%

10%12%14%16%18%

2009

2010

2011

2012

2013

2014

2015

2016

Q1


23 September 2016

44

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5%

∆ c

onsu

mpt

ion

∆ income


2008Q4:2016Q1 Source: Eurostat.

5.4%

UK

11.1%

6.2%

4%

6%

8%

10%

12%

2009

2010

2011

2012

2013

2014

2015

2016

Q1


23 September 2016

45

TotalIssued by

banksTotal Listed

Italy € bn % % % % % % %

1995 1,799 38.2% 22.6% 1.9% 19.3% 2.8% 5.8% 8.7%

2000 3,041 22.9% 16.5% 6.4% 29.5% 5.4% 17.0% 10.0%

2005 3,864 23.6% 19.0% 7.1% 28.3% 2.4% 11.0% 14.2%

2010 3,633 30.7% 19.7% 10.3% 20.1% 2.0% 7.5% 17.6%

2012 3,732 31.6% 19.3% 10.0% 19.7% 1.6% 7.3% 17.8%

2015 4,117 30.9% 10.7% 4.5% 23.3% 1.6% 11.1% 20.1%

2016 Q1 4,047 31.8% 10.5% 4.3% 22.1% 1.4% 11.0% 20.7%

2016 Q1

France 4,896 28.4% 1.4% n.a. 20.3% 4.1% 6.8% 34.2%

Germany 5,502 39.1% 3.1% n.a. 10.1% 4.8% 9.8% 31.3%

UK 8,244 22.9% 1.5% n.a. 7.9% 2.7% 4.2% 59.4%

USA 62,431 13.8% 6.3% n.a. 34.9% n.a. 10.8% 32.3%

Total Asset Currency

& depositsInvestment

funds

Pension funds & life pr

Bonds Stocks

Household financial portfolio breakdown

High level of directinvestment (~ 35%)

Decreasingamounts of bankissued bonds (5.0%)

Negligible level oflisted shares. High level of unlistedones.

Funds: rise until1999 (18%) thendown, then againup.

Pensions/life product: up but stilltoo modest.

45%. Source: Eurostat, OECD, BCE, Deutsche Bundesbank.


23 September 2016

46

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16Q1

0%

10%

20%

30%

40%

50%

60%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16Q1

Managed products in household portfolios

too low?

Italy France Germany United Kingdom USA

Investment funds Pension funds & life products

abnormallyhigh?

46Source: Eurostat, OECD, BCE, Deutsche Bundesbank.


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47

Private pension plans at a glance (2nd & 3rd pillar)

Source: Covip, Istat, RGS.

2008

(,000)

Member breakdown 7,227 21.0%

Private sector employees 5,174 26.0%

Public sector employees 174 4.0%

Self‐employed 1,879 19.0%

(,000) % '15 ∆ % 7y ∆ % (€ m) % GDP

Vehicle breakdown 7,227 100% +11% +49% 140,180 8.6%

Contractual p.f. 2,419 33% +24% +18% 42,546

Open p.f. 1,150 16% +9% +45% 15,430

Ind. Insurance Plans (PIP) 3,028 42% +4% +120% 26,835

Ante 1993 p.f. ('pre‐existing') 645 9% ‐0% ‐5% 55,299

2015

Working pop. (est.)

Membership rate

Membership rate

22,559 32.0%

13,903 37.2%

3,253 5.4%

5,403 34.8%

2015 Members Assets

The Italian Asset Management marketkey figures

23 September 2016

Research Department

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