Macquarie wrap leads inflows: Assirt
Master trusts and wraps continue to snatch significant sums of money in the funds management game, drawing $5.9 billion in net inflows in the June 2002 quarter. But fortunes were mixed for the platforms, with half of every new dollar coming in spent paying out redemptions, according to a new platform report fromAssirt.
The report, the first by Assirt to measure the flow of funds into wrap providers through both badged and unbadged products, shows total outflows from master trusts and wraps worth 4.4 per cent of total assets, which inversely impacted total net inflow figures.
MacquarieWrap Solutions saw the highest net inflows for the quarter at $1.3 billion, with National/MLC bringing in the second highest sum of new investments at $963 million.
BT Financial Group, which still operates the largest wrap in the market with $6.5 billion in assets under administration, was next in line with $863 million in net inflows for the quarter. If this result is added to Westpac’s net inflow of $168 million, in light ofWestpac’srecent decision to purchase BT’s wealth management group, the combined group would place higher thanNational/MLCin terms of net inflow, with more than $1 billion worth of incoming investments.
AM Management showed the highest outflow rate in the report, recording negative net inflow for the quarter, at -$35.6 million.
Some of the outflows seen by the platforms may have been caused by investors seeking investments not covered by the platforms such as direct property and cash holdings, Assirt head of funds research Caroline Saunders says.
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