Colonial wins gold but MLC up on platform
By Rebecca Evans
The combined Commonwealth/Colonial group has prevailed as the dominant force in the retail managed funds industry, despite registering a drop in inflows of $616 million for the year to date as it struggles to combat the emergence of new players in the market, according to a new report by Assirt Research .
Commonwealth/Colonial dominates with its total investment management funds totalling $78.7 billion — a 12 per cent market share — ahead of Macquarie, which has 9 per cent of the market.
This compares to 8 per cent for AMP and 7 per cent each for BT /Westpac and State Street Global Advisors .
Assirt says despite its substantial size advantage, emerging players are making it more difficult for Commonwealth/Colonial to stay on top.
“The challenge of maintaining market leadership is reflected in the loss of some retail market share in distribution,” Assirt says.
The National/MLC group was not included in the total investment management funds figures because it is predominantly a platform provider with no investment management, according to Assirt.
The group dominates the platform arena, with $35 billion under advice, almost $10 billion more than its nearest rival, AMP.
However, it was the Commonwealth/Colonial group which had the highest inflow figures in the platform market for the quarter, receiving $1.2 billion.
BT/Westpac came in second with an inflow of $893 million, while St George took in $512 million and Macquarie received $504 million.
Other notable performers during the June quarter include AXA , which took in $605 million to achieve the highest retail net inflow of funds. It also took in the second highest amount over the year to June behind UBS, which received $2.3 billion over the 12 month period.
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