Macquarie poised for top spot

Macquarie Investment Management is poised to take the mantle of Australia’s largest investment manager from the Commonwealth Bank’s Colonial First State, according to the latest Assirt Market Share Report.

Julie Orr, director of fund data at Standard & Poor’s, which produces the report, said Macquarie would eclipse Colonial if its “stellar growth” in total investment management funds in the March 2005 quarter continued.

“Not only did Macquarie post the biggest dollar gain over the quarter (of 65 surveyed fund managers and 8,000 funds), but its rate of growth has continued to accelerate,” Orr said.

Macquarie’s funds increased by $6.64 billion in the March 2005 quarter, compared with $5.8 billion in the December 2004 quarter, and $4.4 billion in the September 2004 quarter.

There was no change to the platform administration dominance of the National Australia Bank’s MLC during the quarter.

’Perpetual Trustees Wealthfocus was the only platform in the top 10 to report a negative retail net flow for the quarter, but this was because of the closure of regional equity funds containing $250 million.

Growth in retail funds under management of $55 million during the quarter was sufficient to keep CFS in top position in the closely contested retail funds sector.

AXA was the most successful marketer in the quarter, posting retail net inflows of $533 million, up from sixth position in the December 2004 quarter, followed by Platinum Asset Management and MLC.

Vanguard retained first place over the quarter in the wholesale market, with funds under management of $17.6 billion - followed by CFS in second place.