This document analyzes the evolution of the Italian wholesale market, with a focus on UCITS funds of funds and sub-advised funds aiming at pointing out the main trends that have occurred in the last 4 years.
Funds of funds have recorded a slight decline of their assets with a growing exposure to group-related products and passively managed funds. Despite the relative stability of the asset allocation over the past years, fixed income and cash funds have recently experienced a positive momentum. Thematic funds, including ESG-labelled products, represent another area of growth.
Sub-advised funds distributed in Italy present an offer particularly focused on i) aggregate bonds, ii) multiasset and iii) global equity. The market is characterized by a high differentiation for both sub-advisors and fund promoters.