ITALY - Assogestioni, the Italian asset management association, said open plan pension funds saw net inflows of just €218m between July and September 2009, taking the overall net asset value of Italian open plan pension fund assets to nearly €6bn.

The Italian association of fund and asset managers earlier this month said mutual funds had also risen in value to €1.26bn in October, following the third consecutive month of positive fund inflows.

This positive trend bolstered the overall sum of Italian assets held to around €422bn last month, despite current difficult market conditions, according to the association.

Funds registering the strongest growth were those exposed to the equity and bond markets, as bond-related funds accounted for €1.1bn in asset inflows.

On the negative side, however, liquidity or money market funds lost €500m while Italy-domiciled hedge funds were also left struggling as they saw outflows of €183m along with a 3.8% reduction in assets.

Earlier this month, the Italian pension funds regulator, COVIP, said larger collective open plan pension funds would be required to adopt a new governance structure. (See earlier IPE story: COVIP unveils changes for larger pension plans)