AMP, AXA gain ground on Colonial

Fund managers AXA and AMP outperformed the sector in terms of asset growth during the June 2005 quarter, according to preliminary findings of a Standard & Poor’s (S&P) market share report.

AXA posted a total investment management (TIM) growth of $2.6 billion (or 7.2 per cent) and AMP $2.5 billion (4.2 per cent) during the quarter.

The performance of AXA and AMP closed the gap between themselves and the two biggest fund managers, Commonwealth Bank-owned Colonial First State (CFS) and the Macquarie Bank Group.

CFS, which actually reported a decline of $429 million (0.5 per cent) during the quarter, remained at the head of the table, with $80.7 billion (or 12 per cent) of the total.

Still hot on its heels though is Macquarie Bank Group, with $76.2 billion (11 per cent), and AMP with $61.4 billion (9 per cent).

For the industry as a whole, S&P found only slim growth to $672 billion from the March 2005 total of $666 billion.

However, growth for the year as of June 2004 was 14 per cent, or $85 billion.

Funds under administration (FUA) in retail platforms continues to dwarf wholesale funds under administration, according to S&P.

National/MLC — which dominates this segment — attracted $641 million in flows during the June 2005 quarter

However, AMP, BT/Westpac, and CFS all achieved healthy retail inflows during the quarter.

The top 10 managers took in almost $5 billion for the June quarter, with National/MLC topping the table for new retail inflows for the year to June 30.

Many others managers outside the top 10 by retail FUA posted gains of more than $1 billion, including Mercer, Platinum, Skandia, and State Super Financial Services.

Barclays Global Investors topped the table for new wholesale inflows over the same period, taking 21 per cent of all new money taken by the top 10.