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.
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