(Alliance News) - The Azimut Spa group reported positive net inflows of EUR513 million in July, reaching EUR4.3 billion since the beginning of the year with a full-year target of EUR6-8 billion.

Fifty-five percent of net inflows--EUR2.4 billion--were directed into asset management products.

Total assets including assets under administration stood at a record level of EUR87.0 billion at the end of July, of which EUR58.6 billion refer to assets under management.

Gabriele Blei, group CEO, commented, "July also closed on a solid business performance, with strong net inflows in all our globally diversified businesses. In particular, Turkey, Mexico and Monaco contributed strongly to assets under management, highlighting the attractiveness of our investment solutions to private and institutional investors."

"However, the managed component was affected by the latest tranche of outflows from the previously announced institutional mandate from low-yielding money market funds in Italy. In the United States and Australia, we experienced strong organic growth as we continued the expansion of our advisory platforms in both countries."

Azimut is flat at EUR20.66 per share.

By Claudia Cavaliere, Alliance News reporter

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