The Italian Securities Commission (Consob) published its latest Statistical Bulletin on intermediaries, reporting that the value of financial instruments held in portfolios and deposits with supervised intermediaries reached a new peak of EUR 4.22 trillion at 30 June 2025, up 3.7% from end-2024 and the highest level since its series began in 2010. The increase was driven mainly by Italian equities (up 6.2%), Italian government bonds (up 3.2%) and investment funds (up 3.0%). Activity linked to investment services rose in the first half of 2025 versus the first half of 2024, led by proprietary trading (up 24.8%), placement of financial instruments (up 11.8%) and order execution (up 6.8%), while reception and transmission of orders fell 3.0%. Gross premiums on insurance products with financial content increased 24.2%, supported by unit-linked policies (up 26.1%). Assets under management held by supervised intermediaries rose to EUR 1.641 trillion (up 1.2% from end-2024), supported by individual portfolio management (up 1.4%) and Italian-domiciled open-ended funds (up 1.7%), which recorded total net subscriptions of EUR 8.6 billion driven by bond funds (EUR 10.6 billion) and money market funds (EUR 1.9 billion) offsetting outflows from equity, flexible and speculative funds. Despite higher activity levels, profits declined for asset management companies (SGR) and investment firms (SIM), with SGR net profit at EUR 823 million (down EUR 31 million year on year) and SIM net profit at EUR 54.4 million (down around EUR 7 million), reflecting higher operating costs and, for SIM, lower net commissions.

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