Complexity

Research Article

Real Estate Asset Management Companies’ Economies of Scale: Is It a Dream or Reality? The Italian Case

Table 4

Amount of asset under management for each SGR from 2013 to 2018.


SGR	AUM (bn €)
SGR	2018	2017	2016	2015	2014	2013

1	9.396	9.488	8.593	7.867	8.983	9.179
2	7.321	7.521	6.890	6.769	7.074	3.882
3	4.880	5.060	4.592	5.567	5.505	4.515
4	7.040	5.070	5.351	5.508	5.421	5.498
5	5.453	4.870	3.829	3.270	2.935	2.725
6	4.400	3.551	3.796	3.583	3.243	3.349
7	3.770	3.361	3.220	3.562	3.404	2.272
8	3.955	2.810	*1.780*	*500*	*307*	40
9	3.142	2.300	*1.663*	*1.326*	*840*	*520*
10	2.503	2.198	2.065	*1.523*	*1.014*	*541*
11	2.352	2.127	*1.967*	*1.587*	*1.410*	*1.360*
12	*1.394*	*1.644*	*1.494*	*1.591*	*1.380*	*1.231*
13	*933*	*1.266*	*1.392*	*1.411*	*1.469*	*1.482*
14	*1.053*	*1.033*	*1.120*	*1.151*	*843*	*872*
15	—	—	*1.135*	*1.139*	*850*	*435*
16	*1.518*	*1.179*	*1.036*	*931*	*820*	*1.036*
17	*1.280*	*1.173*	*1.120*	*919*	*1.007*	*1.003*
18	*1.958*	*1.411*	*1.411*	*773*	*709*	*497*
19	*1.235*	*1.215*	*804*	*738*	*659*	*620*
20	*1.152*	*938*	*653*	*592*	*540*	*515*
21	*1.137*	*985*	*943*	*490*	*501*	*509*
22	*1.018*	*826*	*814*	*910*	*756*	*682*
23	27	29	*259*	*299*	*276*	*356*
24	48	*108*	*171*	*268*	*334*	*390*
25	92	*100*	*107*	*229*	*236*	*236*
26	*473*	*273*	*117*	*147*	*258*	*311*
Tot.	67.530	60.536	56.322	52.650	50.774	44.056

Values in italics represent cluster 1, values in bold represent cluster 2, and values in bold italics represent cluster 3.