Banca Generali inflows going "quite well" - CEO
MILAN, May 28 (Reuters) - Banca Generali (BNG.MI) investment inflows are going "quite well", the Italian company's chief executive, Giorgio Girelli, said on Thursday.
Inflows in May "are not so far from the previous months," he said. In the first quarter Banca Generali had net inflows of 113 million euros ($156.8 million).
"If this mood remains there will be interesting results (for the full year) in terms of quantity and quality," Girelli told reporters on the sidelines of a conference.
Last week's announcement of a merger of Banca Generali and Assicurazioni Generali's (GASI.MI) Luxembourg asset management units will be important for growth in the coming years, he said.
In a slide presentation on Thursday Banca Generali said the merger to create the Generali Investment Managers SA joint venture will have 8 billion euros of assets under management.
In a second phase, the venture's assets will rise to 20 billion euros by the end of the first half of 2010, including another 12 billion euros of Generali assets.
Subsequently in a third phase further growth will come from Banca Generali retail clients, insurance products sold by Generali's European networks and institutional mandates, he said.
The joint venture is being set up to take advantage of the EU's UCITS IV legislation (that will liberalise pan-European unit trust sales) that Girelli said will create "a real European market for savings management". ($1=.7207 euros) (Reporting by Nigel Tutt; Writing by Stephen Jewkes; Editing by Greg Mahlich)
