Italian Diversified Financials "May-26 Monthly Monitor: An Update on Fun..."

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Italian Diversified Financials "May-26 Monthly Monitor: An Update on Fun..."

Global Research

11 June 2026ab

Italian Diversified Financials Equities

ItalyMay-26 Monthly Monitor: An Update on Fund

Flows, Advisors Recruiting and Valuation Diversified Financial

Adele Palama

Analyst

adele.palama@ubs.com

+34-91-436 9023

Cumulative May-26 AUM flows of €2.2bn, c7.1% of AUMs (annualised, excl. Michael Werner

AZM) Analyst

In May-26, the Italian asset gatherers (excl. AZM) and Anima reported net AUM flows michael.werner@ubs.com

equal to €2.2bn, 7.1% of AUM ann, a stronger print compared to April and March-26 +44-20-7568 8086

(c4% of the AUM) with the uncertainty related to the geopolitical situation partially Haley Tam

impacted the flows.QTD the group reported €6.7bn AUM flows cumulative or 4.1% of Analyst

the initial AUM stock, a lower level compared to the same period last year (with the haley.tam@ubs.com

group reporting €8.1bn or 5.5% of the stock). In May-26 Banca Generali reported the +44-20-7567 6176

highest level of AUM flows among peers equal to €837m or 14.7% of the AUM with the

company ascribing this strong result to the revamp of the product offering from LUX IM.

Anima was the weaker player though still reporting strong AUM flows in the month

equal to €342m or 3.2% of AUM.

Asset gatherers: BGN reported the strongest AUM flows in May-26

BMED continues to report sustained AUM flows totalling c€1.5bn QTD, 8.1% of the

stock (ann), showing though a run-rate a tad below our 2Q26E AUM flows expectations

and management guidance for FY26 ("at c€9bn, in line with FY25 level"). FBK collected

€732m AUM flows QTD (5.9% of the stock annualised), below the €1.8bn AUM flows

expected for 2Q26 by UBSe. Brokerage revenues in the month were equal to €23m