Macquarie, BT lead platform inflows
MacquarieWrap Solutions has claimed the top place in funds inflows for discretionary master trusts and wraps after recording inflows of $1.2 billion during the March quarter.
The inflows into the Macquarie wrap account equal 28 per cent of net inflows for the quarter, whileBT Funds Managementtook second place with 21 per cent of inflows, or around $830 million. Together the two groups accounted for 47 per cent of all inflows into platforms for the quarter.
AMP, Navigator andAsgardfilled out the remaining top five positions respectively. AMP inflows were $556.4 million, Navigator inflows were $385.1 million and Asgard inflows were $263.9 million for the quarter.
The claim by Macquarie and BT is based on the Assirt March Quarter report as well as data independently sourced by the two groups as Assirt has yet to report the inflows of Macquarie and BT’s wrap products.
Macquarie says its wrap product now has $5 billion in funds under administration including the March quarter inflows with more than double the wrap’s entire holdings over the previous quarter.
Macquarie Wrap Solutions national sales manager Giulio Russo says the growth in the wrap product has been driven by the asset portability in which advisers are seeking ways to shift client funds without crystallising capital gains.
He says this does not occur via the use of wraps, as opposed to master trusts, as clients remain the owner of underlying assets while being able to move assets in or out of the wrap service.
Macquarie says most of the inflows have come from third party financial planners who are working with clients to transition them from other forms of investments across to the wrap account.
However AMP has maintained its first place for platforms in terms of funds under management with $20.4 billion or 24.7 per cent of the market. Asgard and theCommonwealthhave taken out second and third place respectively with Asgard nudged ahead of the bank with $9.8 billion or 11.9 per cent of the market and the Commonwealth with $9.4 billion within its master trust, or 11.34 per cent of the market.
AUTHOR
Jason Spits
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