Commonwealth usurps BT's position
The Commonwealth Bank has pipped BT to become the largest retail fund man-ager in Australia, according to Morningstar.
The Commonwealth Bank has pipped BT to become the largest retail fund man-ager in Australia, according to Morningstar.
In the September quarter, the Commonwealth increased its net assets under man-agement by 19.55 per cent to just under $15.97 billion, ahead of traditional indus-try goliath BT, which had $14.65 billion under management.
Morningstar’s figures, released last week, show the Big Four banks are increasing their clout in the industry. All of the Big Four were ranked in the top ten in both net assets under management and yearly inflows to September.
The second highest ranking bank in the tables, Westpac had $11.23 billion in assets under management and $1.57 billion in inflows this year (though this was down from the 1998 figure of $1.62 billion). ANZ Bank had $8.85 billion under man-agement, with $915 million in inflows for the year.
Only National Australia Bank, with $7.36 billion in assets under management suf-fered a significant slowdown in inflows, dropping from $1.07 billion in 1998 to $579 million this year.
“The four major retail banks (ANZ, Commonwealth, National Australia Bank and Westpac) dominated the table of top ten consolidated companies by net inflows for the September 1999 year, together accounting for 32.88 per cent of the total $16.17 billion annual net inflow to the retail managed investments industry,” Morningstar says.
Lend Lease Corporation topped net inflows for the year to September, with just over $3.01 billion streaming into its coffers.
Other big movers were Merrill Lynch Mercury who more than doubled net inflows for the year from $197 million in 1998 to $541 million and AMP, who increased their net inflows 255 per cent to $1.84 billion from $720 million last year.
Meanwhile, superannuation funds and pensions dominated the retail product mar-ket with $70.8 billion in net assets (or just under 46 per cent of the market), fol-lowed by unit trusts, with a $65.8 billion (42 per cent) slice of the retail pie.
Top 10 Retail Managers (Assets)
Rank Manager Net Assets $M (to 30th Sept)
1 Comm. Bank 15,965
2 BT 14,648
3 Lend Lease 14,400
4 AMP 11,890
5 Westpac 11,229
6 Colonial 11,088
7 Macquarie 9,610
8 ANZ 8,845
9 NAB 7,360
10 Merc Mut 6,525
Source: Morningstar
Top 10 Retail Managers (Inflows)
Rank Manager Net inflows $M (to 30th Sept)
1 Lend Lease 3,013
2 Comm Bank 2,253
3 AMP 1,835
4 Westpac 1,567
5 Colonial 1,514
6 Merc Mut 1,079
7 ANZ 915
8 Perpetual 760
9 NAB 579
10 Merrill 541
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
