Banks dominate managed fund inflows
Australia’s four biggest banks have stamped their dominance on the funds management industry, taking four spots in the top ten inflows for the three months to the end of September.
The four banks also now make up four of the ten biggest retail funds managers, according to the latest Assirt market share report. Their success in channeling customer's funds into managed funds has helped push total retail funds under management over the $200 billion mark for the first time, up $8 billion in the last quarter.
The National won the top spot for the second quarter in succession, bringing in more than $800 million for the quarter, edging out the Commonwealth who doubled inflows in the quarter to $752 million. AMP continued its strong showings over the past year to come in at number three with inflows of $648 million.
The three top managers in terms of inflows for the quarter are also three of the five biggest owners of financial planning businesses in Australia. According to the latest Money Management Top 100 dealer groups, AMP is the biggest with 1840 advisers, the combined National/ MLC group is second biggest with 1360 advisers while Commonwealth (without Colonial) has 850 advisers.
The ten top fund managers also made up more than three quarters of the total funds inflows for the quarter up 4 per cent on three months ago to $201 billion. Total fund under management was up 2 per cent in the quarter to $613 billion.
AMP has retained its crown as the biggest fund manager in the country with $72 billion under management but will be taken over by the combined Colonial/ Commonwealth Group which will have about $88 billion.
Top 10 inflows
Sept
Inflow ($m)
1. National/ MLC 822
2. Commonwealth 753
3. AMP 648
4. BT 634
5. Colonial 562
6. ANZ 340
7. Perpetual 272
8. Credit Suisse 252
9. Westpac 231
10. AXA 208
Source: Assirt
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.