Fund flows bounce back
The managed funds industry has recorded positive inflows for the first time this year after total assets under management rose to $670 billion at the end of June, a $37 billion increase on March.
The figures have been released byAssirtas part of its June quarter market share report which shows total assets at the end of the March quarter were $636 billion.
The growth in the market was due to strengthening local and overseas equity markets and the addition of more managers into the market survey including GMO, which has assets under management of $12.5 billion.
However Assirt says the market still grew at 3.3 per cent without the addition of new managers, moving from its March position to $652 billion as all managers recorded an increase in assets over the quarter.
The growth of the market is the first in three quarters and puts the market past its last highest figure of $652 billion, recorded in June 2002.
The top 10 managers by size remain unchanged with the Commonwealth/ColonialGroup,AMPandMacquarie BankGroup taking the top three spots once more.
HoweverBarclays Global Investorsrecorded the largest increase of 16.9 per cent but remained in tenth position with assets growing from $20.3 billion to $23.7 billion.ING/ANZ’s assets also recorded a substantial jump of 7.8 per cent from $38.1 billion to $41.1 billion.
The good news was also reflected in investment platforms which posted an overall size figure of $156.9 billion for the quarter, up from $155.4 billion at the end of March.
Once again the top 10 providers did not change despite some changes in the rankings with fourth placedAXAswapping positions with third placed ING/ANZ.
This was driven off the back of $1.8 billion in inflows intoIpacwholesale funds as well as by a fall in ING/ANZ’s reporting in this section this quarter.
Despite this change the top 10 platform providers by size still represented about 73 per cent of the total size and increased their size on average over the quarter by 7 per cent.
This was the result of strong flows of $700 million on the previous quarter with the best inflows reported by BT/Westpac with $626 million flowing into BT Wrap. Macquarie also recorded strong flows into its wrap, with a net inflow of $400 million over the quarter.
AUTHOR
Jason Spits
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