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.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
