Fund flows back in positive territory: S&P
Australia’s top 10 fund managers found themselves back in positive territory in the three months to the end of September with BT/Westpac leading the way with an increase in funds under investment of 19.2 per cent, according to the latest data released by Standard and Poor’s (S&P).
The Standard and Poor’s data revealed that Australia’s top 10 fund managers had achieved an increase in funds under investment management of 2.5 per cent or $12.7 billion in the three-month period, contrasting with the overall decline recorded in the previous quarter.
Looking at the performance of the BT/Westpac group, the S&P data said the increase had included Westpac’s acquisition of the remaining 49 per cent in Hastings Funds Management.
S&P’s head of fund data, Julie Orr said that Vanguard had achieved an impressive increase of 9.9 per cent ($2.9 billion) in funds under investment management during the quarter — the second largest percentage increase in total investment management of the top 10 managers, and attributable to a $2 billion increase in money invested in international equities.
The data suggested that flows into superannuation master funds had dropped off markedly in the September quarter.
“Superannuation master funds received a massive $7.3 billion in new funds under administration flows for the June quarter compared to only $3.7 billion for the September quarter.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.