The month of July ends with net collections achieved by the consultancy networks amounting to 5.8 billion euros, up 6.4% compared to the same month of 2025 and 28% compared to June 2026. The net investments made during the month are distributed in a balanced way between managed savings products and administered financial instruments. The net resources allocated to managed solutions amount to 4 billion euros with a growth of 3.1% compared to the monthly results of the previous year and an increase in collection volumes which becomes even more significant in comparison with the month of June, amounting to 57.7% with the positive contribution of all the components.
Net collections in securities stood at 3.8 billion euros, a value almost doubled compared to July 2025 (+93.6% y/y) and which marks a smaller increase compared to the previous month (+10.9% m/m). These dynamics are accompanied by a liquidity balance that is still negative for 2 billion euros.
The balance since the beginning of the year is positive for 41 billion euros, up 19.7% compared to the same period in 2025 (34.2 billion); the net resources directed towards managed savings products amount to 21.3 billion euros and represent 52.0% of total volumes.
The monthly net collection associated with the consultancy service with specific fee (fee only/fee on top) stands at 1.5 billion euros; since the beginning of the year, 9.4 billion have flowed into the consultancy service with fees. The growing demand for consultancy aimed at the Networks is also confirmed by the constant increase in the number of customers which at the end of the month reached 5.629 million units (+27.6 thousand units compared to June 2026).
"July's data confirms a growing system trend: more and more savers recognize financial consultancy as the point of reference for managing their assets, with a mature dialogue. The growth of managed savings, the investment of surplus liquidity, supported by important inflows since the beginning of the year, are consistent signals of those looking for structured and long-term solutions", declares Marco Tofanelli, general secretary of the Association.
Managed savings
The direct distribution of mutual investment fund units generates monthly net inflows of 1.9 billion euros, a clear acceleration compared to June (+77.4% m/m). The results are driven by foreign open-ended funds, with inflows of 1.5 billion, while Italian open-ended funds contribute 379 million. In terms of asset classes, investors' preference is oriented more decisively towards flexible funds (503 million) and equity funds (409 million), followed by bonds (300 million) and money market funds (160 million). The balanced ones stand at 151 million.
The balance of individual asset management is positive for 709 million euros, up 49.4% compared to June, with an almost balanced contribution between Gpf (363 million) and Gpm (346 million).
The insurance and social security sector also accelerates, reaching 1.4 billion euros (+40.9% m/m). The greater interest in unit linked is confirmed, with net payments of 947 million; followed by multi-sector products (244 million), individual pension plans (110 million) and pension funds (106 million).
In the month of July, therefore, the overall contribution of the Networks to the open-ended UCI system, through the direct and indirect distribution of units, was positive for around 3.5 billion euros; since the beginning of the year, the contribution of the Networks stands at 17.3 billion euros.
Managed savings
