UBI Banca Group

only provides an update of ASSETS UNDER DIRECT MANAGMENT 7 for mutual investment funds and
Sicavs – calculated net of assets managed under a mandate by third parties – which are
therefore to be considered less in line with the actual assets under management originated by
the UBI Banca Group.
On the basis of those surveys the UBI Group recorded the following performance as at 31 st
December 2011:
• negative net inflows for assets actually under management of €3.9 billion, down by 21.5%
compared to assets managed at the end of 2010 (net inflows for the sector nationally were
negative by €33 billion, down by 7.2% over assets managed twelve months before).
However, it must be considered that this data does not include funds managed under a
mandate by Prudential, which recorded positive net inflows year-on-year of €0.2 billion;
• assets under management of €13.8 billion – again net of over €2.7 billion of assets managed
by Prudential – which placed the Group in eighth position among operators in the sector
with a market share of 3.29%, down compared to 3.98% at the end of 2010;
• a reduction in assets under management of €4.5 billion (-24.8%) compared to a fall of €41.4
billion for the Assogestioni sample (-9%).
* * *
If all assets under management are considered (collective instruments and customer portfolio
managements), at the end of the fourth quarter the UBI Banca Group was positioned in eighth
place in the sector 8 – sixth among Italian groups – with assets under management, net of
Group funds and mutual funds managed under a mandate by Prudential, of €22.8 billion –
including €2.5 billion relating to institutional customers – and a fall in market share 2.66%
(3.19% at the end of 2010).
* * *
For a more appropriate reading of annual changes in net inflows for mutual funds and sicavs
and in the relative market shares, it must be considered that as difficulties increased in the
financial context, Italian banks were faced with a liquidity crisis which reached systemic levels
in the fourth quarter. This led them to give preference to commercial policies which ensured
priority was given to support the various forms of direct funding.
It must also be considered that Assogestioni’s representative sample of the sector also includes
non banking operators. Consequently, market shares for the UBI Banca Group are naturally
smaller than those for direct funding, lending and number of branches (see the preceding
section, “The distribution network and market positioning”, in this respect).
7 Assets originated to which assets received for management under a mandate from another manager are added and from which
assets entrusted under mandate to another manager for management are subtracted.
8 Source: Assogestioni (national association of asset management companies), “Map of assets under management (collective
instruments and customer portfolio management) 4 th quarter 2011. The UBI Group fell by two places in the Assogestioni
classification compared to December 2010 overtaken by Am Holding and by the BNP Paribas Group. Since this classification is
based on assets under management net of Group funds, the market share calculated using Assogestioni data does not take account
of the €2.73 billion of mutual fund assets managed under a mandate by Prudential.
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