Massimo Doris said net inflows this year could reach the 9.2 billion euros ($9.70 billion) gathered in 2021 while its operating margin, a measure of the bank's recurring business, could again reach a level of 502.6 million euros. Banca Mediolanum added 828 million euros of net inflows in April, taking the total so far this year to 3.2 billion euros.
Italian investors led by Milanese asset manager Banca Mediolanum bought into an Hong Kong initial public offering by luxury yacht maker Ferretti, which saw Chinese investors take the lion's share, a person with knowledge of the matter said. Mediolanum declined to comment. Braving turbulent markets and the backdrop of international sanctions against Russia that led to the seizure of the mega-yachts owned by oligarchs, Ferretti last Friday pulled off an 890 million euro ($993 million) IPO two years after a previous attempt foundered.