MILAN, April 5 (Reuters) - Banca Mediolanum will likely reach record net inflows this year thanks to clients opting for a new government-backed scheme known as Individual Saving Plans (Pir), the asset manager’s Chairman Ennio Doris said on Wednesday.
A law encouraging savers to invest in small and medium-sized Italian firms has spawned so-called Pir funds which give savers tax breaks if they stay invested for at least five years. The scheme mirrors Britain’s Individual Saving Accounts and France’s “plans d‘épargne”.
Doris expects clients to invest no less than 2 billion euros in Pir, and sees total net inflows at the asset manager surpassing a previous all-time high of 4.7 billion euros ($5 billion) this year.
($1 = 0.9366 euros)
Reporting by Maria Pia Quaglia; writing by Francesca Landini