Statistical Bulletin no. 24/2 - Intermediaries - April 2024
 

Financial intermediation in 2023

At the end of 2023, the value of financial instruments held with Italian intermediaries for the provision of investment and asset management services increased by 22.8% compared to the figure at the end of 2022, mainly due to the increase in bond-type financial instruments.

The volumes of activity related to the provision of investment services grew overall during 2023 (placement of financial instruments +18.3%, trading on own account +3%, order execution +23.4%, reception and transmission of orders +7.9%). Gross premiums from the placement of insurance products with a predominant financial component distributed in Italy by Italian intermediaries supervised by Consob decreased (-35.1%), due to the decline in premiums related to the distribution of unit-linked policies (-34.3%).

At the end of 2023, the assets managed by Italian intermediaries increased compared to the end of 2022 (+8.3%), due to an increase in all types of asset management: of asset management on an individual basis (+7.6%), which accounts for about 67.2% of the total, of open-ended UCIs under Italian law (+9.8%), of foreign open-ended UCIs placed in Italy (+18.6%), of closed-ended UCIs under Italian law (+7%), and of pension funds and other forms of pension established in Italy by companies other than insurance companies (+13.8%).

In 2023, net inflows into Italian open-end UCITS were positive by about 10.5 billion euro, mainly for bond funds (+25.1 billion euro) and funds (+0.5 billion euro), which more than offset redemptions by equity, balanced, flexible, money and speculative funds.

The accounting data of Italian asset management companies at the end of 2023 show, in aggregate, a decrease of 77 million euro compared to 2022, mainly due to the increase in operating costs (131 million euros) and taxes (30 million euros), which outweighed the increase in net commissions (50 million euros) and net interest and other banking income (24 million euros). This evidence, however, is not generalized and it is necessary to consider some differences, given that some operators have increased the volumes managed and, consequently, profit over the reporting period. For the Italian investment companies there is a net profit of 88.1 million euros, an increase of 40.7 million euros compared to 2022, mainly due to the increase in commission income (40.7 million euros) and interest income and similar income (25.7 million euros), which more than offset the increase in operating costs (20.6 million euros).

The Report was prepared by:
Gaetano N. Finiguerra (supervisor) -  CONSOB, Head of Statistics Office, Research Department (g.finiguerra@consob.it)
Emilio Ciccone - CONSOB, Statistics Office, Research Department(e.ciccone@consob.it)
Simona Di Rocco - CONSOB, Statistics Office, Research Department(s.dirocco@consob.it)

Thanks to Matteo Modena (coordinator) - CONSOB, Research division (m.modena@consob.it) and
Renato Grasso (coordinator) - CONSOB, Research division (r.grasso@consob.it)
 

Editorial secretary: Andrea Cianciullo

For information and clarifications write to: Ufficio.Statistiche@consob.it