AXA booms again on mandates

Commonwealth Col-onial Group, Macquarie Bank and AMP continue to hold the highest value in total investment management, but AXA has reported the largest growth in funds for the quarter to September 30, 2005.

AXA won new mandates worth $2.8 billion and increased its existing mandates by $2.7 billion, raising its total investment management by 17 per cent between July and September, according to Standard & Poor’s latest market share snapshot report released last week.

Standard & Poor’s fund data group analyst Julie Orr said strong results had been seen across the board, which she attributed to a robust and resilient market.

She said the favourable market conditions had produced total industry fund inflows for wholesale funds of $4.6 billion in the September quarter, compared to $0.9 billion in the June quarter.

In the retail space, National/MLC Group had the most funds under administration (FUA), with $53.6 billion.

BT/Westpac Group reported $35 billion in FUA and AMP reported $33.7 billion. St George and Commonwealth/Colonial Group ranked fourth and fifth with $26.5 billion and $26.2 billion respectively.

Investment through retail platforms increased by $21 billion over the year to September 30, with the biggest winners in terms of growth being Macquarie, which raised its funds by 35 per cent, and ING, which increased its funds 27 per cent.

Net flows into Macquarie’s wrap products boosted its retail funds under management relative to other managers, with $1.2 billion net fund flowing into its wrap alone for the quarter to September.