Inflows to platforms bitten by downturn
AUSTRALIA’S burgeoning master trust and wrap platform market has continued to draw a significant portion of retail investment fund inflows, but has not been able to escape the overarching gaze of the world’s underperforming investment markets.
The sector attracted net inflows of $4.6 billion for the September quarter according to the latest report fromAssirt, taking net inflows for the year to $17.9 billion, and the investment platform industry as a whole to $143.6 billion.
However, the September figures were 22 per cent down on the June quarter, when the platform sector took in $5.9 billion.
Most platform providers took a hit as a result of the downturn, according to Assirt, with almost 70 per cent of new money into the sector being paid out as redemptions.
The combinedNational / MLCgroup maintained its position as the largest master trust provider in the country, taking in $507 million for the quarter to lift its total assets under administration to $35.4 billion. The group was followed byAMP,AXA,Asgardand the combinedCommonwealth / Colonial First Stategroup.
The biggest mover for the quarter was the French giant AXA, which jumped from ninth position to third, mostly as a result of its acquisition of the Ipac financial planning group.
In the wrap market, the two biggest providers,BTandMacquarie, attracted strong flows, taking in $716 million and $919 million respectively. However, both groups were down on their results for the June quarter, when BT took in $815 million and Macquarie $1.29 billion.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.