AMP usurps MLC crown
Inflows into the Lend Lease subsidiary MLC almost halved in the past three months, pushing the group off the top spot in the Assirt retail inflow survey.
Inflows into the Lend Lease subsidiary MLC almost halved in the past three months, pushing the group off the top spot in the Assirt retail inflow survey.
Instead, AMP topped retail inflows for the September quarter, for the first time in many years. The group attracted $737 million in new business, a 30 per cent in-crease from the $569 million the group attracted in June.
In comparison, Lend Lease struggled to reach 54 per cent of its last quarterly retail inflows in the September quarter. Inflows fell from $593 million in June to $320 million for September, pushing the group to seventh in Assirt’s top ten table.
Commonwealth Financial Services, who recently topped Morningstar’s survey of retail fund managers to September, had the second highest inflows for the quarter. According to Assirt, the group enjoyed inflows of $594.30 million to the end of September, an increase of more than $227 million from June.
Banks made up half of the top ten, with the Colonial Group ranking in at number three. The Colonial Group (including Colonial First State) attracted $443.19 mil-lion in new business for the quarter.
Westpac were the next biggest bank in the survey, coming in at number five with $363 million in inflows. National Australia Bank came in at number six, with $351 million in inflows for the quarter, followed by ANZ with $299 million.
For the second quarter running, BT Funds Management didn’t list in the top ten for inflows, though it remains the second largest retail manager, according to Assirt.
Other groups who dropped out of the Assirt top ten were Macquarie Investment Management and Merrill Lynch Mercury Asset Management. Replacing these two managers were IPAC Asset Management and ANZ.
AUTHOR
Samantha Walker
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