MILAN -(Dow Jones)- Italian investors added a net EUR482 million to the country's mutual funds in August compared with the previous month, fund managers' association Assogestioni said Wednesday.
That was higher than Assogestioni's initial estimate of EUR441 million.
The association said the main beneficiaries were flexible funds, which can invest in both bonds and stocks and showed an increase of EUR720 million in August from July's level.
Hedge funds also benefited, rising by EUR573 million in the month.
Monthly fund flow data can influence the stock prices of asset managers such as Banca Fideuram SpA (Milan:BFI) (BFI.MI), Mediolanum SpA (Milan:MED) (MED.MI), FinecoGroup (FCO.MI) and Azimut Holding SpA (Milan:AZM) (AZM.MI).
Association Web site: http: www.assogestioni.com
-By Kenneth Maxwell, Dow Jones Newswires; 39-02-5821 9901; kenneth.maxwell@ dowjones.com
(END) Dow Jones Newswires 09-06-06 1006 Copyright (c) 2006 Dow Jones & Company, Inc.
