Last year was a bad year for the continental European asset management industry, as market volatility and falling equity prices took their toll. But the decline in Italy was far more pronounced than in other countries.

Assogestioni, the country’s asset managers’ association, says a record €52.4bn (£41.2bn, $81.4bn) outflow was recorded in 2007, and matters became even worse at the start of this year with €36.7bn recorded in outflows in just the first three months. By comparison France recorded outflows of €28.8bn in 2007 while Germany and Spain lost about half that.